President Donald Trump, in a tweet on Monday, said Pfizer in addition to some other drugmakers “should be ashamed” for increasing drug prices.
Pharmaceutical companies increased the prices of 104 drugs last week. Pfizer raised the cost of 41 drugs by as much as 9 percent, though the item also lowered prices on all 5 drugs by as much as 44 percent. The increases came despite Trump’s promise in May that will companies would certainly announce “massive, voluntary cost cuts” in two weeks.
Pfizer responded to Trump’s tweet by saying that will the list cost of the majority of its drugs are unchanged.
“Our portfolio includes more than 400 medicines in addition to vaccines; we are modifying prices for approximately 10 percent of these, including some instances where we’re decreasing the cost,” Pfizer said in a statement. “Importantly, list prices do not reflect what most patients or insurance companies pay. within the first quarter of 2018 the net selling cost increase was 0 percent due to the growing amount of rebates paid back to stakeholders within the biopharmaceutical supply chain.”
Trump on Monday said the companies “are merely taking advantage of the poor (in addition to) others unable to defend themselves, while at the same time giving bargain basement prices to some other countries in Europe (in addition to) elsewhere.” He said “we will respond” yet did not say how.
Shares of Pfizer briefly turned negative on the tweet yet ended the day up less than 1 percent.
Trump has repeatedly criticized pharmaceutical companies, even accusing them of “getting away with murder.” His administration unveiled a plan in May to lower prices for consumers.
“[Pharmaceutical companies] are among the most profitable within the U.S. yet something has got to give,” David Maris, Wells Fargo equity research analyst, said on “Power Lunch” on Tuesday. “in addition to consumers can’t give anymore. at that will point the item’s time for the industry to figure out a way to either pay lower discounts in addition to rebates in addition to get those savings to consumers, yet somehow the consumer has to get some relief. I think that will’s what generated the president’s tweet today.”
— CNBC’s Meg Tirrell in addition to Amelia Lucas contributed to that will report.