Pfizer to Raise the Prices of 41 Prescription Drugs in January

Despite criticism from President Trump about increasing drug prices, Pfizer will be raising its prices on 41 prescription drugs in January of 2019 according to the Wall Street Journal who first broke the news.

It was this past summer that the company had deferred its planned price increases when President Trump criticized the company and tweeted that Pfizer as well as other drug makers should be ashamed.

Pfizer announced on Friday that it will increase the list price of about 10 percent of its drugs on January 15th. Many of the increases will be 5 percent, though the pharmaceutical giant will raise three drugs’ list prices by 3 percent and one drug’s by 9 percent.

“We believe the best means to address affordability of medicines is to reduce the growing out-of-pocket costs that consumers are facing due to high deductibles and co-insurance, and ensure that patients receive the benefit of rebates at the pharmacy counter,” said Pfizer’s outgoing CEO Ian Read.

At the time of President Trump’s tweet, Read had said to CNBC in a phone interview, “After he tweeted, we looked at the various situations, and we decided before I spoke to him we needed to defer the price increases because we wanted to have a positive relationship with the Hill and administration as we go through this blueprint.”

Disclaimer: We have no position in Pfizer Inc. (NYSE: PFE) and have not been compensated for this article.