President Donald Trump criticized Pfizer and other pharmaceutical companies for raising prices in a tweet Monday afternoon, vowing that the government would respond.
Wells Fargo Securities issued a report this month that found that Pfizer raised prices on 41 drug products on July 1 and lowered prices on five products.
FILE PHOTO: U.S. President Donald Trump speaks with the news media before boarding Marine One for travel to Europe from the White House, in Washington, U.S., July 10, 2018.
The Pfizer price hikes, most of which were more than 9 percent, embarrassed Trump and came amid an ongoing push by his administration to find a solution to rising drug prices. "Pfizer is rolling back price hikes, so American patients don't pay more", Trump wrote on Twitter.
The rollback came a day after Trump took aim at Pfizer and other USA drugmakers for raising prices on some of their medicines, saying in a tweet that they "should be ashamed" and that his administration would respond.
"I think we're going to have some big - some of the big drug companies in two weeks, and they're going to announce, because of what we did, they're going to announce voluntary, massive drops in prices", Trump said at the time.
Specifically, the company boosted list, or wholesale, prices on more than 40 medicines; more than 100, if different dosages were counted.
Azar responded to Trump's tweet on Monday with a declaration that "change is coming to drug pricing, whether painful or not for pharmaceutical companies", while offering no new plans to force such changes.
"The list price remains unchanged for the majority of our medicines".
The administration in May introduced a blueprint aimed at reducing drug prices.
"Pfizer shares the President's concern for patients and commitment to providing affordable access to the medicines they need", Read said in a statement. Azar has said lowering prices long term will take years because of the complexity of the healthcare system.
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