Trump slams drug companies for raising prices

US President Donald Trump today slammed Pfizer and other pharma companies for raising prices of drugs and said that they should be ashamed of it.

Pfizer & others should be ashamed that they have raised drug prices for no reason, Trump said in a tweet, days after major pharmaceutical companies raised prices of some drugs.

They (pharma companies) 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 & elsewhere, he said.

Trump warned that his administration would respond to such an unjustified increase in drug prices.

On July 1, Pfizer increased the prices of over 40 drugs including Viagra. Pfizer was followed by other pharma companies.

Our portfolio includes more than 400 medicines and vaccines; we are modifying prices for approximately 10 per cent of these, including some instances where we're decreasing the price," Pfizer said in a statement.

The list prices don't reflect what most patients or insurance companies pay due to rebates to payers and others in the supply chain, Pfizer said.