Pfizer Agrees To Roll Back Prices On 40 Drugs, Yielding To Pressure From Trump
After a conversation with President Trump, CEO Ian Read agreed to cancel price increases on 40 drugs that took effect July 1, to give the administration time to work on its blueprint for improving the health care system.
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Drug makers were optimistic going into 2018 about the political climate and drug pricing environment, but the outlook is more tenuous heading into 2019. Now is the time when industry raises prices on mature, marketed drugs and it's unclear how those hikes may be tempered or what the backlash might be.
Drug makers are planning for annual price increases, but with the industry in President Trump's crosshairs it remains to be seen if 2019 price hikes will be more modest than in the past. Pfizer confirmed plans to raise prices, but only on 10% of its portfolio.
Presiding over his last earnings call as the CEO of Pfizer, Ian Read was pressed about the company's drug pricing strategy for 2019 amid push back from the Trump Administration.