Pfizer announced on Tuesday the item could postpone drug cost hikes after an “extensive” conversation between the company’s CEO along with President Donald Trump.
“Pfizer shares the President’s concern for patients along with commitment to providing affordable access to the medicines they need,” Pfizer CEO Ian Read said in a statement.
The company said the item could defer cost increases, effective July 1, to give Trump “an opportunity to work on his blueprint to strengthen the healthcare system along with provide more access for patients.”
Drug prices will return to the levels they were prior to July 1 as soon as possible, according to Pfizer. The prices will remain at those lower levels until the end of the year, or until Trump’s health-care plan goes into effect — whichever comes sooner.
Trump praised Pfizer’s decision on Twitter.
“We applaud Pfizer with This kind of decision along with desire some other companies do the same,” Trump said in a tweet.
@realDonaldTrump tweet: Just talked with Pfizer CEO along with @SecAzar on our drug pricing blueprint. Pfizer will be rolling back cost hikes, so American patients don’t pay more. We applaud Pfizer with This kind of decision along with expect some other companies do the same. Great news for the American people
On Monday, Trump took aim at Pfizer along with some other U.S. drugmakers after they raised prices on some of their medicines on July 1, saying his administration could act in response.
Read the full statement via Pfizer below:
Following an extensive discussion with President Trump today, Pfizer’s Chairman along with CEO Ian Read announced which the item will defer the company’s cost increases which were effective on July 1 to give the president an opportunity to work on his blueprint to strengthen the healthcare system along with provide more access for patients. The company will return these prices to their pre-July 1 levels as soon as technically possible, along with the prices will remain in effect until the earlier of when the president’s blueprint goes into effect or the end of the year – whichever will be sooner. In addition, the cost declines the company took as of July 1 will remain in effect.
“Pfizer shares the President’s concern for patients along with commitment to providing affordable access to the medicines they need,” said Ian Read. “The most fundamental way the biopharmaceutical industry creates value will be by discovering innovative medicines which help people live longer, healthier, more productive lives. We have entered an exciting brand new era with scientific advances which will result in future breakthroughs along with cures. This kind of highly complex along with important work also generates hundreds of thousands of highly skilled jobs across the U.S. Furthermore we have recently committed $5 billion of capital to expand our manufacturing inside U.S. We are encouraged which the President recognizes the value our industry brings to society along with our ability to fulfill our mission to discover along with bring innovative brand new medicines to patients.”