As J&J Sees Continued Drug Price Declines, CEO Urges Slow Policy Change Via Trump's Blueprint
J&J told investors to anticipate negative net drug pricing of 4%-6% across its portfolio in 2018, following a 4.6% negative impact in 2017. CEO Alex Gorsky also cautioned against changing drug pricing policy too quickly.
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After a conversation with President Trump, CEO Ian Read agreed to cancel price increases on 40 drugs that took effect July 1, to give the administration time to work on its blueprint for improving the health care system.
President Trump called out Pfizer’s recent price increases on Twitter July 9. Pfizer was one of only four companies that took a second round of price increases in 2018, according to analysts at Morgan Stanley. CEO Read has long defended the industry's pricing practices, even as public criticism of the high drug prices has grown.