Pfizer reverses drug price hikes after CEO meets with Trump

July 11, 2018 8:16 AM

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Mubasher: Pfizer announced that it would delay implementation of planned price increases for certain drugs, following the drug maker’s CEO Ian Read’s meeting with US President Donald Trump and Health and Human Secretary Alex Azar.

“The company will return these prices to their pre- 1 July levels as soon as technically possible,” the American pharmaceutical conglomerate stated on Tuesday.

The restored levels would “remain in effect,” until either the end of the year or when President Trump had a chance to implement his plan to curb high drug prices before that, Pfizer added.

The New York-headquartered firm was rebuked by President Trump and others after raising the prices of over 40 drugs last week.

Trump was the first to announce the move in a tweet, hailing Pfizer's decision.


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