00:00It's Benzinga, bringing Wall Street to Main Street
00:02Novartis CEO Voss
00:05Narasimhan said,
00:06President Trump's most favored nation drug pricing policy will create a very difficult situation
00:11as its impact sets in over the next 18 months, according to CNBC.
00:16He said the policy ties U.S. prices to other countries and could delay access to new medicines
00:21in Europe and Japan if governments do not change pricing systems.
00:25Trump's MFN drug pricing policy ties U.S. drug prices to those in other wealthy countries
00:30as part of his push to lower costs and address what he calls foreign freeloading on American-funded innovation.
00:36MFN currently affects about 5% to 10% of Novartis' sales in Medicaid.
00:41He warned that governments must act, as the policy is unlikely to be reversed.
00:47Novartis reported first-quarter sales of $13.1 billion, below the $13.5 billion expected,
00:53with earnings per share of $1.65.
00:58Sales fell 1% as generic competition reduced revenue from key drugs.
01:02For all things money, visit Benzinga.com.
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