Posted by Michael Wonder on 26 Jul 2018
Celgene bows to White House pressure after raising prices for cancer drug
26 July 2018 - After raising the price of its marquee cancer drug, Celgene said Thursday it doesn't plan further increases this year as the White House presses pharmaceutical companies to lower treatment costs.
The Summit, N.J. based drug maker said it increased the price of cancer drug Revlimid by 5% in 2018. Sales of the treatment grew 21% to $2.45 billion in the three months through June, making up 64% of Celgene's total revenue.
The company joined several other pharmaceutical manufacturers in pledging to refrain from further price increases for six months as the administration enacts its drug pricing blueprint. President Trump previously slammed Pfizer for raising prices, and the company reversed course after discussions with the White House.
