Wednesday, July 11, 2018

Trump: Shame on Pfizer for Raising Drug Prices; Drug Co.Ends Higher Prices after Trump Rebuke

Last week, Pfizer pharmaceutical giant jacked up the price of several dozen prescription drugs, but this week -- after a harsh criticism from President Trump -- the drug company has agreed to undo the price hikes following a meeting between President Trump and Pfizer CEO Ian Read, the Newser website reports today (July 11, 2018).

"The company will return these prices to their pre-July 1 levels as soon as technically possible," Pfizer announced in a statement.

"We applaud Pfizer for this decision and hope other companies do the same. Great news for the American people!," the president tweeted yesterday after Pfizer's decision to rescind the price increase.

Before Pfizer's decision to undo its price increase, Trump had tweeted "Pfizer and others should be ashamed that they have raised drug prices for no reason. They are merely taking advantage of the poor and others unable to defend themselves... We will respond!"

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