Under pressure from Trump, Pfizer agrees to roll back price hikes

A Pfizer building in Kalamazoo County

A Pfizer building in Kalamazoo County

US President Donald Trump today slammed Pfizer and other pharma companies for raising prices of drugs and said that they should be ashamed of it. "Pfizer & others should be ashamed that they have raised drug prices for no reason", Trump said in a tweet, days after major pharmaceutical companies raised prices of some drugs.

"Pfizer is rolling back price hikes, so American patients don't pay more".

Mr. Trump tweeted that he and Health Secretary Alex Azar discussed the issue Tuesday with Read. "And there's very little bidding on drugs", Trump said during an event at Trump Tower in NY.

Pfizer said it would defer price increases that went into effect on July 1 until the end of the year or until the president's drug pricing blueprint goes into effect - whichever is sooner.

Dean Mastrojohn, a Pfizer spokesman, told the Washington Post that the company's "price list remains unchanged for the majority of our medicines".

Trump rolled out a blueprint in May that laid out how the administration planned to lower drug prices, a top 2016 presidential campaign promise.

Mid-year drug price increases are a common industry practice that has not abated, despite the Trump administration's efforts.

"I think we're going to have some big - some of the big drug companies in two weeks, and they're going to announce, because of what we did, they're going to announce voluntary, massive drops in prices", Trump said at the time. His comments appear to be motivated by a Financial Times piece stating that Pfizer raised their prices on 100 different drugs at the start of the month. Those include Viagra, cholesterol drug Lipitor and arthritis treatment Xeljanz, according to Wells Fargo.

The rollback came a day after Trump took aim at Pfizer and other USA drugmakers for raising prices on some of their medicines, saying in a tweet that they "should be ashamed" and that his administration would respond. Some of the drug prices increased by double digit percentages.

"'Pfizer shares the President's concern for patients and commitment to providing affordable access to the medicines they need, ' said Ian Read".

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