Pfizer Pharmaceuticals Folds To Trump, Lowers Drug Prices
Yesterday, President Trump lambasted Pfizer pharmaceuticals for massive drug price hikes. Trump threatened to “derail the pharma gravy train” over the seemingly imminent price hikes. He also asserted that pharmaceutical companies “should be ashamed” of hiking up the pricing on essential drugs.
Today, Pfizer has folded its hand and is now “postponing” the price hikes. And Trump is praising their decision.
In less than 24 hours worth of time, President Trump prevented a billion dollar pharmaceutical company from outrageous price inflation.
Trump said over Twitter that he’d spoken with both Chief Executive Officer Ian Read and Health and Human Services Secretary Alex Azar, as well as Pfizer’s CEO, regarding the nature of the price hikes. He “applauded” Pfizer for stopping the price hikes and encouraged other pharmaceutical companies to do the same.
Just talked with Pfizer CEO and @SecAzar on our drug pricing blueprint. Pfizer is rolling back price hikes, so American patients don’t pay more. We applaud Pfizer for this decision and hope other companies do the same. Great news for the American people!
— Donald J. Trump (@realDonaldTrump) July 10, 2018
Pfizer confirmed the President’s Tweet as factual via a statement. The billion-dollar pharmaceutical company says that it will resume pre-July 1 pricing on drugs “as soon as technically possible.” The company added that the prices will remain as such until year’s end, or until the President’s new strategy is implemented.
For many Americans who already struggle to afford essential medications, the move by Trump saves them from potential catastrophe. Opioid addiction plus high-prices of opioids have spawned a national crisis in heroine use.
One of then Presidential candidate Trump’s biggest promises was lowered drug prices. It seems the President is hell-bent on keeping his promises.
Photo by cornstalker
Author: Jim Satney
PrepForThat’s Editor and lead writer for political, survival, and weather categories.