Pfizer delays drug price hikes after talking with Trump

Pfizer sign

"And there's very little bidding on drugs", Trump said during an event at Trump Tower in NY.

"Pfizer & others should be ashamed that they have raised drug prices for no reason", he wrote.

At the time, many U.S. companies were anxious about what might happen if Trump made a decision to lead a charge against their industry, and stocks for pharmaceutical companies fell that day.

Pfizer Inc said on Tuesday it was deferring drug price increases for no more than six months after the company's chief executive officer had an extensive conversation with U.S. President Donald Trump.

Trump, a longtime critic of rising drug prices, has previously suggested the government negotiate drug prices and allow the importing of prescription drugs from overseas-both moves that would hurt the pharmaceutical companies at home.

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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.

Specifically, the company boosted list, or wholesale, prices on more than 40 medicines; more than 100, if different dosages were counted.

Trump rolled out a blueprint in May that laid out how the administration planned to lower drug prices, a top 2016 presidential campaign promise. 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.

After President Donald Trump tweeted, criticizing Pfizer and other companies for raising drug prices, the pharmaceuticals giant with a big presence in Portage has responded. The list price hikes don't factor in discounts that companies may provide to some insurance companies and patients. For example, in August a year ago he criticized Merck & Co., saying the company was shipping jobs outside of the US while raising prices.

"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.

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