Trump thanks Novartis, Pfizer for not raising drug prices

WASHINGTON (Reuters) - U.S. President Donald Trump thanked two major drug companies on Thursday for not raising their prices and said his administration was working toward substantially cutting prescription-drug prices.

“Thank you to Novartis for not increasing your prices on prescription drugs. Likewise to Pfizer. We are making a big push to actually reduce the prices, maybe substantially, on prescription drugs,” Trump said in a tweet.

Earlier this month Trump was able to persuade Pfizer CEO Ian Read to defer the company’s planned price hikes, explaining in a call the company had complicated the administration’s drug pricing plans.

Facing pressure from the Trump administration and lawmakers, Swiss drugmaker Novartis has also halted anticipated price increases.