Novo Nordisk (NYSE:NVO)
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By Nina Trentmann
Danish pharmaceutical company Novo Nordisk A/S (NOVO-B.KO) expects it will become more difficult to realize list-price increases for drugs sold in the U.S., Chief Executive Officer Lars Fruergaard Jorgensen said Friday.
"Going forward, price increases will become harder," he said, attributing the continued pricing pressure facing the company in the U.S. to rising competition.
"It is not the political environment that has changed [in the U.S.], but [the] competition has increased," he said.
Novo Nordisk in 2016 pledged to keep price increases for drugs sold in the U.S. below 10% annually. Mr. Jorgensen didn't provide more specifics on the company's U.S. pricing policy, but did say the goal is to grow volume and market share.
The Danish company commands a 41% share of the U.S. insulin market, according to the CEO.
Novo Nordisk has submitted ideas on overhauling the U.S. drug-pricing system after the Trump administration invited major pharmaceutical companies operating in the country to share their ideas.
But Mr. Jorgensen notes that "the complexity of the system means that there is not one simple change you can do."
Write to Nina Trentmann at email@example.com, @Nina_Trentmann
(END) Dow Jones Newswires
September 14, 2018 11:26 ET (15:26 GMT)
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