Following the announcement last week that Pfizer would increase the price of dozens of drugs, President Trump took to Twitter to lambaste the company, saying that it should be “ashamed.”
At first, the company defended its decision and said the new prices weren’t likely to impact consumers. But now, Pfizer’s CEO has said it will delay the scheduled price increases until Jan. 1 and give the president “an opportunity to work on his blueprint to strengthen the healthcare system and provide more access to patients.”
President Trump has been a vocal critic of the pharmaceutical industry and has accused drug companies of “getting away with murder” when it comes to price hikes. Although the White House released a document with ideas to lower prices in May, the administration has yet to institute any mandates that affect pharma companies.
Although the Pfizer decision gives the president a short-term PR victory, it’s still not clear what the long-term implications will be for the industry or how exactly the White House will rework the healthcare system to lower drug costs.
Read the full Bloomberg report.