Pfizer released a statement on Tuesday announcing that following a discussion with President Trump, the company will be deferring its price hikes that were effective July 1 to give Trump the chance to refine his plan to reduce drug prices and strengthen the U.S. healthcare system.
After Pfizer raised the prices of 100 of its products, the president called out the company in a Monday Tweet, saying, “Pfizer and others should be ashamed that they have raised drug prices for no reason.”
Pfizer’s CEO Ian Read and Trump had an “extensive” discussion resulting in Pfizer agreeing to roll back prices to their pre-July levels. However, these prices are contingent on whether the Trump administration is successful in implementing their drug pricing blueprint by the end of the year. In an official statement, the drug company says it “will return these prices to their pre-July 1 levels as soon as technically possible, and the prices will remain in effect until the earlier of when the president’s blueprint goes into effect or the end of the year—whichever is sooner.”
Trump returned to Twitter to commend the company for its decision.
“Pfizer shares the President’s concern for patients and commitment to providing affordable access to the medicines they need,” said Read in an official statement released by the company. “The most fundamental way the biopharmaceutical industry creates value is by discovering innovative medicines that help people live longer, healthier, more productive lives. We have entered an exciting new era with scientific advances that will result in future breakthroughs and cures.”
Many have commented that they’ve yet to see much action on the part of the Trump administration when it comes to drug prices. However, the discussion between the president and Read demonstrates the potential of coming together and working towards share goals. Perhaps more discussion between members of the administration and drug companies will follow, and both sides can work to refine and implement a plan that works for the government, drug manufactures, and patients.
(Sources: Pfizer; Business Insider)
