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Trump says Pfizer is rolling back drug ‘price hikes’

12 July 2018

The pharmaceutical giant said the drugs will return to their pre-July 1 prices "as soon as technically possible" and stay in place until either the end of the year or until elements of the Trump-backed health care blueprint go into effect. He said the company was "modifying prices" for roughly 10 per cent of its 400 medicines and vaccines, and that "list prices do not reflect what most patients or insurance companies pay".

Pfizer has issued a statement saying Read has agreed to "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".

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.

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Pfizer's stock price appeared to take a dive after Mr. Trump's tweet, before rebounding.

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

Trump rolled out a blueprint in May that laid out how the administration planned to lower drug prices, a top 2016 presidential campaign promise. "Great news for the American people!"

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The Financial Times and Wall Street Journal reported earlier this month that Pfizer and other pharmaceutical companies had raised prices in recent days.

Although Trump had vowed to take on the pharmaceutical industry during his race to the Oval Office, as Bloomberg noted Monday, "so far his most-noticed efforts have been using Twitter and stump speeches to call out pharmaceutical companies, rather than enacting major new policies". List prices do not include rebates and discounts drugmakers may offer. Trump said in May that some drug companies would announce "voluntary, massive" price decreases in two weeks, though none have materialized yet. But by Tuesday, the company's position changed, as it opted to scrap the increases until at least next year.

"Pfizer shares the President's concern for patients and commitment to providing affordable access to the medicines they need", said Reid.

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Trump says Pfizer is rolling back drug ‘price hikes’