Pfizer to Postpone Some Drug cost Increases, After Criticism via Trump
WASHINGTON — Pfizer, the giant multinational drug company, said on Tuesday of which the item could defer some cost increases, after President Trump thrashed the company in a Twitter post.
The company — whose products include Celebrex, Lipitor, Premarin, Viagra as well as Zoloft, as well as Ibrance, a breast cancer treatment of which costs about $10,000 a month — retreated one day after Mr. Trump’s tweet.
“Pfizer & others should be ashamed of which they have raised drug prices for no reason,” Mr. Trump tweeted on Monday. “They are merely taking advantage of the poor & others unable to defend themselves, while at the same time giving bargain basement prices to additional countries in Europe & elsewhere. We will respond!”
On Tuesday, Mr. Trump said he was pleased to see the company backtracking.
“Pfizer is actually rolling back cost hikes, so American patients don’t pay more,” Mr. Trump tweeted. “We applaud Pfizer because of This specific decision as well as wish additional companies do the same. Great news for the American people!”
At a bill-signing ceremony on May 30, Mr. Trump said major drug companies could, within two weeks, announce “voluntary massive drops in prices.” yet until today, there was scant evidence of drug cost cuts, as well as some companies continued to raise prices, seemingly oblivious to the president’s words.
Ian C. Read, the chairman as well as chief executive of Pfizer, said he had “an extensive discussion with President Trump” on Tuesday. As a result, he said, Pfizer will roll back cost increases of which took effect on July 1.
David Mitchell, the founder of Patients for Affordable Drugs, a nonprofit advocacy group, applauded the move, yet said the item was just a start.
“President Trump took Pfizer to the woodshed, as well as of which’s Great,” he said. “There are additional companies of which have also increased prices in recent months of which could also use a whupping. yet one-off trips to the woodshed do not fix the systemic problems we have with drug prices.”
In a Rose Garden speech two months ago, Mr. Trump unveiled a “blueprint to lower drug prices,” which included many regulatory as well as legislative proposals as well as some vague notions about how to rein in drug costs.
Mr. Read said Pfizer was postponing its cost increases “to give the president an opportunity to work on his blueprint” as well as to “provide more access for patients.”
He said the higher prices could revert to the levels in effect last month as well as could stay there until “the president’s blueprint goes into effect or the end of the year, whichever is actually sooner.” The cost freeze is actually likely to last six months, as the president’s most important proposals will probably require months of debate as well as deliberation.
“Pfizer shares the president’s concern for patients as well as commitment to providing affordable access to the medicines they need,” Mr. Read said.
He said the earth was entering a “fresh era with scientific advances of which will result in future breakthroughs as well as cures.”
yet some of the most promising as well as effective fresh treatments are also among the most expensive — a fact of which scares many consumers, insurers as well as employers who help pay the bills.