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Washington - Trump Says Pfizer Is Rolling Back Drug Price Hikes

Published on: July 10, 2018 10:36 PM
By: Reuters 
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FI:LE - Ian Read, chief executive officer of Pfizer, speaks at a news conference in New York November 5, 2013. ReutersFI:LE - Ian Read, chief executive officer of Pfizer, speaks at a news conference in New York November 5, 2013. Reuters

Washington - Pfizer Inc said on Tuesday it was deferring drug price increases for no more than six months after the company’s chief executive officer had an extensive conversation with U.S. President Donald Trump.

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. The company said it would return drug prices to their pre-July 1 levels as soon as technically possible.

Trump in a tweet on Tuesday said that Pfizer had agreed to roll back drug price hikes after he and U.S. Health and Human Services Secretary Alex Azar spoke with Pfizer Chief Executive Officer Ian Read.

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“We applaud Pfizer for this decision and hope other companies do the same,” Trump said in a tweet.

Trump rolled out a blueprint in May that laid out how the administration planned to lower drug prices, a top 2016 presidential campaign promise. Trump had said in May that some drug companies would announce “voluntary, massive” price decreases in two weeks, but none have materialized yet.

Pharmaceutical company shares rose after Trump unveiled his drug pricing blueprint and the administration has not yet taken serious action to lower prices.

Pfizer raised list prices on around 40 medicines earlier this month. Those include Viagra, cholesterol drug Lipitor and arthritis treatment Xeljanz, according to Wells Fargo. List prices do not include rebates and discounts drugmakers may offer.

On Monday, Trump took aim at Pfizer and other U.S. drugmakers after they raised prices on some of their medicines on July 1, saying his administration would respond.

“The increases must stop and it shows a constructive professional appropriate approach by Pfizer in interacting with the government and the president to be part of the solution and not part of the problem,” Azar said on CNN on Tuesday.



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Read Comments (9)  —  Post Yours »

1

 Jul 10, 2018 at 11:12 PM Love it Says:

Thank you president Trump for making America Great Again

2

 Jul 11, 2018 at 08:04 AM Educated Archy Says:

Trump the business man providing more affordable health care to middle income America who actually pay for pharmaceuticals
( the poor ( I use the word " poor" loosely since it's a fake word ) get it for free via Medicaid)
Thank you

3

 Jul 11, 2018 at 09:37 AM Yossy111 Says:

They have no choice but to back down - the BOSS has spoken !

4

 Jul 11, 2018 at 09:49 AM shimonyehuda Says:

just like Harley Davidson?

5

 Jul 11, 2018 at 09:49 AM dumpinouthouse Says:

Baloney! Instead of paying $5000 per vial, it's now on sale for a measly $4,999.00. But hurry, this offer will not last since you might drop dead before then.

6

 Jul 11, 2018 at 10:32 AM Phineas Says:

Kudos. What is wrong? Pfizer is still making plenty of $.

7

 Jul 11, 2018 at 11:23 AM mgold Says:

Reply to #5  
dumpinouthouse Says:

Baloney! Instead of paying $5000 per vial, it's now on sale for a measly $4,999.00. But hurry, this offer will not last since you might drop dead before then.

We know it hurts you & your ilk to see, that our great president is keeping his promise of MAGA

But at least write something coherent & smart...

8

 Jul 11, 2018 at 01:05 PM Anonymous Says:

Reply to #7  
mgold Says:

We know it hurts you & your ilk to see, that our great president is keeping his promise of MAGA

But at least write something coherent & smart...

That actually sounds hilarious coming from someone suffering from Trump lunatic syndrome.

9

 Jul 12, 2018 at 01:35 PM Anonymous Says:

Reply to #7  
mgold Says:

We know it hurts you & your ilk to see, that our great president is keeping his promise of MAGA

But at least write something coherent & smart...

TLS is not your friend.

10

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