Trump says Pfizer is rolling back drug ‘price hikes’

Lloyd Doyle
July 12, 2018

Pfizer has issued a statement saying Read has agreed to "defer the company's price increases that were effective on July 1 to give the president an opportunity to work on his blueprint to strengthen the healthcare system".

After President Donald Trump tweeted, criticizing Pfizer and other companies for raising drug prices, the pharmaceuticals giant with a big presence in Portage has responded.

The across-the-board increases cast doubt on whether Trump and Health and Human Services Secretary Alex Azar can pressure manufacturers to voluntarily drop prices without the threat of specific consequences.

The company's price hikes for a number of drugs went into effect on July 1. "Great news for the American people!" But on Monday, even after Trump singled out Pfizer by name and vowed a response, the company's investors appeared to mostly shrug it off.

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

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.


Specifically, the company boosted list, or wholesale, prices on more than 40 medicines; more than 100, if different dosages were counted.

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.

The president did not say how the administration might retaliate, though the administration has characterized its drug-pricing proposal as an offer that companies shouldn't refuse, to avoid more heavy-handed measures. Those include Viagra, cholesterol drug Lipitor and arthritis treatment Xeljanz, according to Wells Fargo. It was the company's second price hike this year.

Trump rolled out a blueprint in May on how his administration planned to lower drug prices.

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

Other reports by Iphone Fresh

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