Published: Thu, July 12, 2018
Business | By Kate Woods

Pfizer responds to Trump's tweet criticizing drug price increases

Pfizer responds to Trump's tweet criticizing drug price increases

President Trump tweeted Tuesday that Pfizer is "rolling back price hikes, so American patients don't pay more".

Health and Human Services Secretary Alex Azar has hinted that Trump may use his bully pulpit to publicly shame companies that raise prices, but experts are skeptical it will have the desired effect. They say the latest round of price increases, announced July 1, support their belief that Mr. Trump's plan to cut costs is relatively toothless. "Great news for the American people", Trump wrote. For Pfizer, the increases on July 1 applied to more than 100 drugs, including Viagra, Norvasc blood pressure medication and lung cancer drug Xalkori. 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. That gives Trump, who made lowering prescription drug prices a top 2016 presidential campaign issue, a short-term victory he can point to in the run-up to the elections, which are being closely watched to see if Trump's fellow Republicans will be able to maintain control of both the Senate and the House of Representatives.

More news: With Kavanaugh hearing, some Democrats see opportunity to bolster 2020 campaigns

"We applaud Pfizer for this decision and hope other companies do the same", Trump said in a tweet.

The Financial Times and Wall Street Journal reported earlier this month that Pfizer and other pharmaceutical companies had raised prices in recent days. 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. List prices do not include rebates and discounts drugmakers may offer. For example, in August past year he criticized Merck & Co., saying the company was shipping jobs outside of the US while raising prices. The price decreases will remain in effect, according to Pfizer's Tuesday release.

More news: Everything you need to know about World Cup finalists…

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 Ian Read".

More news: Salisbury MP blames Putin for poisoning of Dawn Sturgess in Amesbury

Trump tweeted earlier this week that Pfizer and other companies that raised prices "should be ashamed", adding that the companies were "merely taking advantage" of consumers.

Like this: