Trump calls out Pfizer for raising drug prices

The Drug Pricing Dilemma Pfizer And President Trump

The Drug Pricing Dilemma Pfizer And President Trump

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.

The return of the price to its pre-July 1 was first broadcast by Trump in a tweet, in which he characterized it as "rolling back price hikes, so American patients don't pay more".

The Pfizer price hikes, most of which were more than 9 percent, embarrassed Trump and came amid an ongoing push by his administration to find a solution to rising drug prices.

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.

"We applaud Pfizer for this decision and hope other companies do the same", wrote Trump.

The Trump administration released a blueprint last May to lower the list prices and out-of-pocket costs associated with prescription drugs.

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The Financial Times and Wall Street Journal reported earlier this month that Pfizer and other pharmaceutical companies had raised prices in recent days.

Trump has promised repeatedly to drive down drug prices, though so far most-noticed efforts have been using his Twitter account and stump speeches to call out pharmaceutical companies, rather than enacting major new policies. They are merely taking advantage of the poor and others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe and elsewhere. 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.

"I can imagine [Trump] is going to be very interested in the next company that takes a price increase not justified by inflation or change in clinical benefit", Azar said during the rollout of the pricing blueprint in May.

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

"We are encouraged that the President recognizes the value our industry brings to society and our ability to fulfill our mission to discover and bring innovative new medicines to patients", said Reid.

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