AbbVie CEO pledges to rein in price hikes

Richard Gonzalez, the CEO of AbbVie, said the company will not raise drug prices past the single digits in 2017, reports Reuters.

The North Chicago, Ill.-based drugmaker will raise prices once a year, keeping the increases under 10 percent, Mr. Gonzalez said Wednesday at the JP Morgan Healthcare Conference in San Francisco.

Despite single-digit price increases, Mr. Gonzalez expects global sales of Humira — AbbVie's best selling arthritis drug — to surpass $18 billion by 2020. The drug's sales peaked at about $14 billion in 2015.

With the announcement, AbbVie joins the ranks of Allergan and Novo Nordisk, which have both promised customers limits on price hikes.

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