Healthcare debate should focus on out-of-pocket costs, not list prices – Novartis CEO

Novartis CEO Vas Narasimhan argues the U.S. healthcare debate should shift from drug list prices to patient out-of-pocket costs, highlighting that drugs are only 10% of spending, with hospitals and waste being larger issues, warning against policies that could stifle innovation, as discussed at Davos and CNBC in January 2026. He noted existing patient protections for Medicare/Medicaid and support for uninsured, urging focus on systemic inefficiencies like PBMs and hospital spending to truly lower costs and preserve biotech innovation, while also noting Novartis's efforts to launch medicines with comparable prices globally and reduce U.S. tariff exposure through local manufacturing.

https://seekingalpha.com/news/4541715-healthcare-debate-should-focus-on-out-of-pocket-costs-not-list-prices-novartis-ceo