Politics

On Trump’s Intervention, Pfizer Rolls Back Drug Price Hikes

pfizer medicine drug prices TrumpPharmaceutical giant Pfizer Inc. announced on July 10 that it will roll back price increases on dozens of drugs that went into effect on July 1.

“Following an extensive discussion with President Trump today, Pfizer’s Chairman and CEO Ian Read announced that it will defer the company’s price increases that were effective on July 1 to give the president an opportunity to work on his blueprint to strengthen the healthcare system and provide more access for patients,” the company said in a statement.

President Donald Trump commended the decision.

“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!” he said in a tweet on July 10.

Trump’s Health and Human Services secretary, Alex Azar, also chimed in.

“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,” he said in a tweet less than an hour after Trump’s.

On July 9, Trump had criticized drug companies, and Pfizer by name, for recently increasing the prices of more than 100 drugs.

This was the second hike by Pfizer—which already raised prices on 41 drugs—after several drugmakers increased list prices of dozens of labels in January, according to Wells Fargo analyst David Maris.

Pfizer now agreed to postpone the second hike until the end of the year or until Trump’s plan to lower drug prices goes into effect—whichever is sooner.

Trump announced in May a plan to lower drug prices by, among other things, giving the government better tools to negotiate drug prices for Medicare beneficiaries and counter foreign government regulations that often keep drug prices artificially low.

Pfizer also said the price cuts on five drugs that also went into effect on July 1 will remain in place.

From - The Epoch Times - by Petr Svab

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Curtis Brunt
2 years ago

I find AMAC much better than AARP so I will not be renewing my AARP subscription.

Wayne Peterkin
2 years ago

I have mixed feelings about drug prices. Most people should. Certainly I would like to see the lowest possible prices for my wife and I as well as all seniors. But… It takes vast sums of money to research, develop, test, and obtain FDA approval for any new medication and existing drug prices are what pays the bill for all of that. I have read it takes more than 10 years of development on average to get a new drug on the market. Then add the very large cost of liability insurance to counter all the lawsuits filed every time… Read more »

Douglas Weise
2 years ago

If the patient would have to pay the full price of drugs prescribed directly, rather than a small co-pay, as arranged through a third party, i.e. Pharmacy Benefit Management (PBM, the price of drugs would be lower. When PBMs came into being, drug prices escalated, and have continued to do so, enormously, since those prices were essentially camouflaged by low direct out-of-packet expense to the patient.

Burton Pauly
2 years ago

Great job Potus on getting this drug producer to negate higher prices for drugs. MAGA

Brenda Phillips
2 years ago

Thank you Pfizer and thank you President Trump!!

SS
2 years ago

Thank you Pres. Trump. Thank the drug company for giving us a break. I just got a new script &it cost 186.00/mo. I don’t know how long I will be able to afford it.

workingat71
1 year ago

Very key topic. As you so often and so appropriately do, I hope you conduct one of your great registrations to enroll those of us who demand reduced drug prices and access to Canadian products.

Phyllis Poole
2 years ago

If people would study nutrition they wouldn’t need drugs. Go to a nutritionist instead of an MD. They get little education of nutrition but much on drugs—— per big pharma. Also big pharma gets hormones etc banned so they can sell their drugs. Ck out your problem /nutrition help and ck out a food and what it has in nutrition. For instance high doses of C will counter spider and snake bites. A code to remember. Acid feeds cancer. Alkaline kills it. Go for an alkaline diet!

sam
2 years ago

now it POTUS would just stop spitefully hacking away the only medical insurance option I have and instead work with reasonable people to fix it like he promised so that I can afford to have medical insurance and care. But he won’t do that..he is too busy trying to bully democrats in congress instead of representing the people and their needs

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