Pfizer responds to Trump's tweet criticizing drug price increases

Daniel Fowler
July 12, 2018

The criticism comes after media coverage of Pfizer including a Wall Street Journal story that said the company raised the list prices for over 40 of its prescription drugs.

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.

Pharmaceutical company Pfizer said in a statement Tuesday that CEO Ian Read had 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".

On Monday, Trump took aim at Pfizer and other US drugmakers after they raised prices on some of their medicines on July 1, saying his administration would respond. During his presidential campaign, he promised lower USA drug costs. Pfizer had increased the price of 100 of its products, including Viagra as of July 1, the Financial Times reported earlier in July. "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".

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Dean Mastrojohn, a Pfizer spokesman, told the Washington Post that the company's "price list remains unchanged for the majority of our medicines".

Trump rolled out a blueprint in May on how his administration planned to lower drug prices. It was the company's second price hike this year. Such a reduction never took place, and companies instead made a decision to raise prices on a number of drugs. While prices on many drugs were increased, there were also decreases on a few of their products.

No concrete steps were taken, but Trump predicted that the industry would respond anyway and that there would be "voluntary, massive drops in prices" within two weeks.

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

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