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Trump slams Pfizer after July 1 drug price hikes

Reuters  |  NEW YORK/WASHINGTON 

By and Susan Heavey

NEW YORK/WASHINGTON (Reuters) - U.S. on Monday took aim at Inc and other U.S. drugmakers after they raised prices on some of their medicines on July 1, saying his administration would act in response.

"& others should be ashamed that they have raised drug prices for no reason." Trump wrote in a post on on Monday. "We will respond!"

and followed up with his own tweet saying that drugmakers who have raised prices have created a tipping point in U.S. drug pricing policy.

"Change is coming to drug pricing, whether painful or not for companies," Azar wrote.

Neither Trump nor Azar detailed what policy changes would be implemented to decrease prices.

Trump had said in May that some drug companies would soon announce "voluntary, massive" cuts in prices, but none have materialized yet. During his presidential campaign, he promised lower U.S. drug costs.

raised list prices on around 40 medicines earlier this month. Those include Viagra, cholesterol drug and treatment Xeljanz, according to List prices do not include rebates and discounts drugmakers may offer.

"The list price remains unchanged for the majority of our medicines. Our portfolio includes more than 400 medicines and vaccines. We are modifying prices for approximately 10 percent of these, including some instances where we're decreasing the price," Pfizer told

Pfizer's stock fell after Trump's tweet - they closed up 5 cents at $37.16, but had been trading at $37.44 just before the tweet.

Pfizer was not the only major drug company to raise prices after Trump suggested they would voluntarily slash prices. Israeli generic drugmaker Industries Ltd hiked prices on 14 drugs in June and Roche Holding's division raised prices on a number of its drugs on July 1, according to

Teva and Roche could not be immediately reached for comment.

(Reporting by and Susan Heavey; Editing by David Gregorio, and Susan Thomas)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, July 10 2018. 05:19 IST
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