Posted by Michael Wonder on 11 Jul 2018
Drug makers cancel price hikes after California law takes effect
11 July 2018 - State law signed amid ongoing pressure on U.S. drug prices.
A handful of the world’s biggest drug makers are canceling or reducing planned price increases in the U.S., following a new California drug pricing transparency law and continued political pressure over pharmaceutical costs.
The California law, which began to take effect earlier this year, requires drugmakers to give insurers, governments and drug purchasers advance notice of large price increases, as a way of publicly pressuring pharmaceutical companies to keep prices down. In the past three weeks, Novartis, Gilead Sciences, Roche and Novo Nordisk sent notices to California health plans rescinding or reducing previously announced price hikes on at least 10 drugs.
