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Caving to pressure, Pfizer delays price hikes | BenefitsPRO

Pfizer Inc. agreed to delay implementation of planned price increases for certain drugs a day after President Donald Trump launched an attack on the company, saying it should be “ashamed” of the move.
Trump said on Tuesday evening that the New York-based company would be “rolling back price hikes” after he spoke with its chief executive officer, Ian Read, and his administration’s top health official.

“Just talked with Pfizer CEO and @SecAzar on our drug pricing blueprint,” Trump said in a tweet Tuesday, referring to Health and Human Services Secretary Alex Azar. “Pfizer is rolling back price hikes, so American patients don’t pay more. We applaud Pfizer for this decision and hope other companies do the same. Great news for the American people!”

On Monday, Trump had taken aim at Pfizer over its reported plans for take a series of price increases, blasting the move on Twitter and briefly rattling shares of the U.S. drug giant. Shares of Pfizer were down about 1.4 percent at $36.91 in late trading in New York.

“Pfizer & others should be ashamed that they have raised drug prices for no reason,” Trump said in a tweet. “They are merely taking advantage of the poor & others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe & elsewhere. We will respond!”

Earlier this month, the Financial Times reported that Pfizer had raised prices on about 100 products, following a pattern of regular increases that the company takes each year. Pfizer had said that the list prices for the majority of its drugs and vaccines hasn’t changed, though it had changed the prices on about 10 percent of its products, including some reductions.

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Caving to pressure, Pfizer delays price hikes | BenefitsPRO.