US President Donald Trump on Monday took aim at Pfizer Inc and other US drugmakers after they raised prices on some of their medicines on July 1, saying his administration would act in response.
Pfizer confirmed in a statement that it had chose to roll back the price increases after discussions between Trump and company CEO Ian Read. "We applaud Pfizer for this decision and hope other companies do the same", Trump tweeted.
The Trump administration released a blueprint last May to lower the list prices and out-of-pocket costs associated with prescription drugs. "Great news for the American people!" His comments appear to be motivated by a Financial Times piece stating that Pfizer raised their prices on 100 different drugs at the start of the month. They are merely taking advantage of the poor and others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe and elsewhere.
Dean Mastrojohn, a Pfizer spokesman, told the Washington Post that the company's "price list remains unchanged for the majority of our medicines".
No concrete steps were taken, but Trump predicted that the industry would respond anyway and that there would be "voluntary, massive drops in prices" within two weeks. The company 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.
By contrast, few other large brand-name drug makers took similar steps, since most companies prefer to keep a low profile - and avoid being the subject of Trump tweets - while the White House sorts out its drug-pricing proposal.
"I commend Pfizer for its constructive and professional approach, and its desire to work with President Trump to be part of the solution and not part of the problem", he said in a statement.
"We are encouraged that the president recognizes the value our industry brings to society and our ability to fulfill our mission to discover and bring innovative new medicines to patients", Read added.
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The resolution was expected to pass in spring at a meeting of the United Nations-affiliated World Health Assembly in Geneva. Of course, dominating a multi-billion dollar industry generates large profits-and plenty of money to invest in lobbying .
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