Donald Trump slams drug companies for raising prices

12 July, 2018, 15:59 | Author: Eric Barnett
  • U.S. President Donald Trump gestures during a Make America Great Again rally in Great Falls Montana

Pfizer Chairman and CEO Ian Read took the call with Trump Tuesday and subsequently announced the deferral of the July 1 price increases.

President TrumpDonald John TrumpMichelle Wolf in July Fourth salute: "God bless abortions and God bless America" Graham: Trump's Supreme Court picks "all winners" Man arrested after allegedly threatening to kill Trump supporters, GOP lawmaker MORE on Monday attacked Pfizer and other pharmaceutical companies for raising prices in recent weeks, despite his promise that costs to consumers would be declining.

Mr. Trump tweeted that he and Health Secretary Alex Azar discussed the issue Tuesday with Read. "Great news for the American people!"

Pfizer said it would defer price increases that went into effect on July 1 until the end of the year or until the president's drug pricing blueprint goes into effect - whichever is sooner. Trump wrote in a post on Twitter on Monday.

Pfizer & others should be ashamed that they have raised drug prices for no reason.


The agreement is a bit of egg-on-the-face for Read, but he may accomplish one thing for the moment: remove some of the pressure on the pharmaceutical industry as a whole to cut prices., since Trump appeared to be ratcheting up the pressure on companies. It was followed by other pharma companies.

If you are serious about this issue, tell your Republican pals in Congress to pass bills requiring Medicare to negotiate drug prices and enabling the importation of safe, low-priced drugs from Canada and other countries. Those include Viagra, cholesterol drug Lipitor and arthritis treatment Xeljanz, according to Wells Fargo. Importantly, list prices do not reflect what most patients or insurance companies pay. Still, Trump predicted it would lead, within weeks, to a major reduction in drug prices.

"The list price remains unchanged for the majority of our medicines".

"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. Azar has said lowering prices long term will take years because of the complexity of the healthcare system.

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