President Trump announced that pharmaceutical giant Pfizer would rethink its plan to hike some of its drug prices, a move the company has confirmed.
“Just talked with Pfizer CEO and @SecAzar on our drug pricing blueprint,” Trump tweeted Tuesday evening. “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!”
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
Last week, Pfizer announced that more than 40 drugs including Viagra and antidepressant Zoloft would face a 10 percent cost increase. But the company pointed out that most of the 400 medicines and vaccines would not encounter any price alteration.
In a statement issued Tuesday, the company reversed course. Pfizer’s chairman and CEO Ian Read announced that the company would hold off on price increases that were set to go into effect July 1 “to give the president an opportunity to work on his blueprint to strengthen the healthcare system and provide more access for patients.”
Pfizer was referring to the blueprint the Trump administration issued in May to address high drug prices, which primarily targets changes to Medicare in order to minimize drug costs, and ways to bring generic drugs to market faster.
Pfizer’s price restraints will go into effect as soon as “technically possible” and will stay in place until the blueprint goes into effect or until the end of the year, whichever comes first, Pfizer said.
“Pfizer shares the president’s concern for patients and commitment to providing affordable access to the medicines they need,” Read said.
Health and Human Services Alex Azar, who is a former executive with pharmaceutical company Eli Lilly, said the actions by Pfizer “will long be remembered”
[More: HHS Secretary Alex Azar: New round of drug price hikes a ‘tipping point’]
He additionally thanked Trump Tuesday evening for his “leadership and determination to put American Patients First,” adding that, “this is a step in the right direction and a major win for American patients.”
Thank you @POTUS for your leadership and determination to put American Patients First. Pfizer’s announcement to roll back prescription drug increases will long be remembered. This is a step in the right direction and a major win for American patients.
— Alex Azar (@SecAzar) July 10, 2018
The announcment comes after Trump lambasted Pfizer on Monday and warned that the administration would “respond” to the increased drug prices.
“Pfizer & others should be ashamed that they have raised drug prices for no reason,” Trump tweeted. “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!”
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
