Pfizer says it will defer drug price hikes

11 July 2018

Having come under direct castigation from the US president, pharma giant Pfizer (NYSE: PFE) said yesterday that it will pull back on planned drug prices increases.

Following an extensive discussion with President Donald Trump Tuesday, Pfizer’s chairman and chief executive 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.

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