Pfizer says it will "defer" drug price hike after Trump tweet

  • Pfizer says it will

Pfizer says it will "defer" drug price hike after Trump tweet

"Great news for the American people!"

Trump criticized the drug company Monday on Twitter, saying it should be "ashamed" for raising drug prices.

At the time, many U.S. companies were anxious about what might happen if Trump made a decision to lead a charge against their industry, and stocks for pharmaceutical companies fell that day.

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

"The company will return these prices to their pre-July 1 levels as soon as technically possible, and the prices will remain in effect until the earlier of when the president's blueprint goes into effect or the end of the year - whichever is sooner", Pfizer said in a statement. For Pfizer, the increases on July 1 applied to more than 100 drugs, including Viagra, Norvasc blood pressure medication and lung cancer drug Xalkori.

Pfizer chief executive Ian Read said late Tuesday his company would delay increasing the prices on dozens of drug products after President Trump publicly berated the firm one day earlier.

If you are serious about this issue, tell your Republican pals in Congress to pass bills requiring Medicare to negotiate drug prices and enabling the importation of safe, low-priced drugs from Canada and other countries. He accused the company of taking advantage of the poor and defenseless while giving bargains to countries in Europe and elsewhere. Importantly, list prices do not reflect what most patients or insurance companies pay. The drug maker referred to an "extensive discussion" with Trump and explained the deferral is taking place to give him "an opportunity to work on his blueprint to strengthen the health care system and provide more access for patients".

Nonetheless, Mr. Trump's tweet suggests he might begin calling out drug companies individually, akin to his attacks on Harley-Davidson over his tariff war. For example, in August previous year he criticized Merck & Co., saying the company was shipping jobs outside of the USA while raising prices.

"The list price remains unchanged for the majority of our medicines".