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Pfizer announces lowering of drug prices after meeting Trump

Press Trust of India  |  Washington 

giant has announced that it has temporarily rolled back the recent hike in the prices of its drugs after the American company's had an extensive talks with

Pfizer's Chairman and yesterday announced that the pharma company will defer price increases that were effective on July 1 to give the an opportunity to work on his blueprint to strengthen the and provide more access for patients.

Pfizer, one of the largest companies, said it would return drug prices to their pre-July 1 levels as soon as technically possible.

The rollback came a day after Trump took aim at and other US drugmakers for raising prices on some of their medicines, saying in a tweet that they should be ashamed ashamed that they have raised drug prices for no reason. They are merely taking advantage of the poor & others unable to defend themselves."

Trump, who is currently in to attend the NATO Summit, welcomed Pfizer's move to roll back prices.

"We applaud for this decision and hope other companies do the same. Great for the American people! he tweeted.

Trump, who made lowering prescription drug prices a top 2016 presidential campaign issue, spoke over phone with Pfizer and the and on their drug pricing blueprint.

"Pfizer is rolling back price hikes, so American patients don't pay more, Trump tweeted after the headquartered pharma company announced to roll back its recent increase in certain drug prices.

Pfizer said it would defer price increases until the end of the year or until the president's drug pricing blueprint goes into effect - whichever is sooner.

"Pfizer shares the president's concern for patients and commitment to providing affordable access to the medicines they need, Read said in a statement.

The most fundamental way the creates value is by discovering innovative medicines that help people live longer, healthier, more productive lives," he said.

Pfizer had raised list prices on around 40 medicines earlier this month.

Pfizer has recently committed USD 5 billion of capital to expand its in the US.

We are encouraged that the recognises the value our industry brings to society and our ability to fulfil our mission to discover and bring innovative new medicines to patients, Read said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 11 2018. 10:45 IST