Pfizer Will Postpone Drug Increases For This Reason

Pharmaceutical giant Pfizer announced on Tuesday that it would delay drug price increases after having an “extensive” conversation with President Donald Trump.

The conversation took place between Pfizer CEO Ian Read and the president, with Read stating, “Pfizer shares the President’s concern for patients and commitment to providing affordable access to the medicines they need.”

Pfizer will be deferring price increases that are effective July 1st to give the president an “opportunity to work on his blueprint to strengthen the healthcare system and provide more access for patients.”

Drug prices will return to the levels they were at before the July 1st price increases as soon as possible said Pfizer.

The company’s full statement reads as follows:

Following an extensive discussion with President Trump today, Pfizer’s Chairman and CEO Ian Read announced that it will defer the company’s price increases that were effective on July 1 to give the president an opportunity to work on his blueprint to strengthen the healthcare system and provide more access for patients. The company will return these prices to their pre-July 1 levels as soon as technically possible, and 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 is sooner. In addition, the price declines the company took as of July 1 will remain in effect.

“Pfizer shares the President’s concern for patients and commitment to providing affordable access to the medicines they need,” said Ian Read. “The most fundamental way the biopharmaceutical industry creates value is by discovering innovative medicines that help people live longer, healthier, more productive lives. We have entered an exciting new era with scientific advances that will result in future breakthroughs and cures. This highly complex and 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 in the U.S. We are encouraged that the President recognizes the value our industry brings to society and our ability to fulfill our mission to discover and bring innovative new medicines to patients.”

President Trump tweeted, “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!”

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