Pfizer will delay implanting its proposed prescription drug price increases after the company’s chairman and CEO spoke with President Donald Trump, according to a Tuesday press release.
“Following an extensive discussion with President Trump today, Pfizer’s Chairman and CEO Ian Read announced that it will 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 and provide more access for patients,” the press release said. (RELATED: Pfizer Prescription Price Hikes Are Out And They’re High)
“‘Pfizer shares the President’s concern for patients and commitment to providing affordable access to the medicines they need,’” Read said in a statement.
Trump tweeted about the price increase delays, saying “We applaud Pfizer for this decision and hope other companies do the same. Great news for the American people!” in a Tuesday tweet.
Just talked with Pfizer CEO and @SecAzar on our drug pricing blueprint. Pfizer is rolling back price hikes, so American patients don’t pay more. We applaud Pfizer for this decision and hope other companies do the same. Great news for the American people!
— Donald J. Trump (@realDonaldTrump) July 10, 2018
Pfizer increased the price of over 100 drugs effective on July 1, according to a Financial Times report from July 2 2018. Several prescription drug prices decreased as of July 1, and those price declines will still remain in effect, according to Pfizer.
President Trump previously criticized Pfizer’s price raises on Twitter, saying on Monday that Pfizer is “merely taking advantage of the poor & others unable to defend themselves.”
Pfizer & others should be ashamed that they have raised drug prices for no reason. They are merely taking advantage of the poor & others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe & elsewhere. We will respond!
— Donald J. Trump (@realDonaldTrump) July 9, 2018
Pfizer is not the only company to increase drug prices. From 2011 to 2015, total Medicare Part D reimbursement for brand-name drugs increased 62 percent due to prescription price increases, The Daily Caller News Foundation previously reported.
Trump announced that America should expect “massive” voluntary prescription price cuts in May, but did not provide details. Companies have yet to announce the price drops the president said to anticipate.
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