Published: Thu, July 12, 2018
Economy | By

Trump calls out Pfizer for raising drug prices

Trump calls out Pfizer for raising drug prices

Nonetheless, Mr. Trump's tweet suggests he might begin calling out drug companies individually, akin to his attacks on Harley-Davidson over his tariff war. "In addition, the price declines the company took as of July 1 will remain in effect". Trump had promised to lower drug prices as part of his 2016 campaign, and he threatened to use the government's clout to negotiate lower prices. 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 rollback came a day after Trump took aim at Pfizer and other USA drugmakers for raising prices on some of their medicines, saying in a tweet that they "should be ashamed" and that his administration would respond. President Trump tweeted Tuesday that Pfizer is "rolling back price hikes, so American patients don't pay more".

"Pfizer shares the President's concern for patients and commitment to providing affordable access to the medicines they need", Read said in a statement. But there are signs that a number of companies that enjoyed the benefits of these policies without fully passing along all the savings to their customers and employees. Moreover, the vast majority of those increases were more than 9 percent, which greatly exceeds inflation while adhering to an informal and voluntary industry move to keep price hikes below 10 percent.

Trump appears to have long harboured a distrust of the pharmaceutical industry, but so far he has done little to crack down on these companies since taking office.

"Pharma has a lot of hobbies, a lot of lobbyists and a lot of power. Great news for the American people!" "We're the largest buyer of drugs in the world, and yet we don't bid properly".

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

In an unexpected about face, Pfizer agreed to defer substantial price hikes that went into effect just last week on more than 40 medicines after its chief executive met with President Trump, who is under increasing pressure to take action to lower the cost of prescription drugs.

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