Novartis Slashes Cosentyx Price by 55% in US; Pfizer Deal Boosts Pharma Stocks
In a significant move, Novartis has slashed the price of its blockbuster drug Cosentyx in the USA by 55% via its own online platform. Meanwhile, the pharmaceutical industry has seen a boost in stocks following Pfizer's tariff agreement in the US, with Roche and Novartis both gaining on the stock exchange.
President Trump has introduced the 'TrumpRx' website, aiming to provide discounted drug access to Americans. Pfizer, in a landmark deal, has agreed to sell its preparations cheaper under the US government's Medicaid health program. This move comes after Trump threatened high tariffs for pharmaceutical companies that did not meet price demands or strike deals.
Pfizer's agreement has brought relief to the industry, with analysts welcoming the decrease in uncertainty. The company has been granted a three-year immunity against US drug price regulations in exchange for its concessions. Pfizer has also pledged to invest over $70 billion in research, development, and domestic production.
Roche, another major player, has plans to invest a substantial $50 billion in the US over the next five years. Both Novartis and Roche have indicated they are in discussions with the US government to meet price demands, following Pfizer's lead. The news has been well-received by investors, with Roche gaining 5.3%, Novartis 2.4%, and Lonza 0.8% on the Zurich stock exchange.
The pharmaceutical industry is experiencing significant changes, with Novartis leading the price reduction trend and Pfizer striking a deal with the US government. Roche's planned investment and ongoing discussions with the US government suggest a shift in the industry's approach to pricing and access. The future of pharmaceutical pricing in the US appears to be moving towards more affordable options for consumers.
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