Pharmaceutical Giant Pfizer To Hike Drug Prices In January
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PHILADELPHIA (CBS/CNN) — Months after the company agreed to hold off raising prices following heavy pressure from President Trump, Pfizer now says it will increase the prices of 41 drugs in January.
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The drugmaker surprised many in July with its decision to walk back hikes after Trump tweeted that the company should be "ashamed" of itself for raising prices and taking advantage of the poor. The next day, the president tweeted that he had spoken personally to Pfizer's CEO, who agreed to roll back the increases.
But Pfizer made clear all along that the deferral would be temporary -- lasting only until the end of the year or until Trump's blueprint went into effect, whichever came sooner.
The pharmaceutical giant says one drug will go up by nine percent, three others will rise three percent, and the others will see a five percent hike.
The affected medicine represents 10 percent of Pfizer's drug portfolio.
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And the company says the price hikes will be offset by higher rebates and discounts offered by pharmacies and insurance companies.
The White House has yet to comment on Pfizer's announcement.
Congress is expected to continue its focus on reducing drug prices next year, and it's one of the few areas of common ground between the parties. Both Trump and Democratic leader Nancy Pelosi, who is vying to reclaim her post as House speaker, mentioned it the day after the midterm elections last week.
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