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Pharmaceutical giant Pfizer announced that it had temporarily canceled the recent price increase for its drugs after the CEO of the American company had long discussions with President Donald Trump.
Ian Read, CEO of Pfizer that the pharmaceutical company will postpone price increases effective July 1 to give the President the opportunity to work on his plan to strengthen the health system and to offer more access to patients.
Pfizer, one of the largest pharmaceutical companies, said it would bring down drug prices to their level before July 1 as soon as it will be technically feasible.
The retreat took place a day after Trump targeted Pfizer and other US manufacturers. by raising the prices of some of their drugs, saying in a tweet that they should be ashamed of having increased the price of drugs for no reason. They simply benefit the poor and others who are unable to defend themselves. "
Trump, who is currently in Brussels to attend the NATO summit, hailed Pfizer's initiative to lower prices
"We congratulate Pfizer for this decision and hope that Other companies will do the same: Trump, who lowered the price of prescription drugs in 2016, spoke on the phone with Pfizer CEO Ian Read and Health and Social Services Secretary Alex Azar. on their drug price plan
Trump tweeted after the New York pharmaceutical company announced plans to roll back its recent rise in some drug prices.
Pfizer said it would postpone price increases until the end of the year or until the president's drug pricing plan comes into effect, whichever comes first.
"Pfizer shares the president's concern with regard to patients and their commitment to providing affordable access to the medications they need.
The most fundamental way in which the biopharmaceutical industry creates value is to discover innovative medicines that help people live longer, healthier and more productive lives.
Pfizer raised prices
Pfizer recently committed $ 5 billion in capital to expand production in the US
We are encouraged that the President recognize the value our industry brings to society and our ability to fulfill our mission of discovering and bringing innovative new medicines to patients, said Read.
(This story was not edited by Business Standard staff and is automatically generated from 39; a syndicated flow.)
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