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

Cornelia Mascio
Luglio 12, 2018

The company, in a statement, said the price increases would effectively be postponed at least until the beginning of 2019 in order "to give the president an opportunity to work on his blueprint to strengthen the healthcare system and provide more access to patients".

President TrumpDonald John TrumpMichelle Wolf in July Fourth salute: "God bless abortions and God bless America" Graham: Trump's Supreme Court picks "all winners" Man arrested after allegedly threatening to kill Trump supporters, GOP lawmaker MORE on Monday attacked Pfizer and other pharmaceutical companies for raising prices in recent weeks, despite his promise that costs to consumers would be declining.

Health and Human Services Secretary Alex Azar has released a list of proposals that could help reduce drug prices, though many would require new laws or regulations to implement.

FILE PHOTO: U.S. President Donald Trump speaks with the news media before boarding Marine One for travel to Europe from the White House, in Washington, U.S., July 10, 2018.

In an unexpected about face, Pfizer agreed to defer substantial price hikes that went into effect just last week on more than 40 medicines after its chief executive met with President Trump, who is under increasing pressure to take action to lower the cost of prescription drugs. We applaud Pfizer for this decision and hope other companies do the same. Such a reduction never took place, and companies instead chose to raise prices on a number of drugs. Those include Viagra, cholesterol drug Lipitor and arthritis treatment Xeljanz, according to Wells Fargo. However, the deferral of an increase is contingent on whether the Trump administration's drug pricing blueprint goes into effect by the end of the year.

The administration in May introduced a blueprint aimed at reducing drug prices. For example, a number of Democrats in Congress have complained that large companies have used big savings from last year's tax cuts to buy back stock in a way that benefits shareholders, rather than use the money to boost wages or cut prices.

Trump's comments, which came in a Twitter post, appeared to be in response to a Financial Times report that showed that Pfizer had raised prices on roughly 100 drugs.

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