Trump Criticizes Pfizer for Raising Drug Prices

A Pfizer building in Kalamazoo County

A Pfizer building in Kalamazoo County

"And there's very little bidding on drugs", Trump said during an event at Trump Tower in NY.

On Monday, Trump took aim at Pfizer and other USA drugmakers after they raised prices on some of their medicines on July 1, saying his administration would respond. It was followed by other pharma companies. While prices on many drugs were increased, there were also decreases on a few of their products. The pharmaceutical giant said the drugs will return to their pre-July 1 prices "as soon as technically possible" and stay in place until either the end of the year or until elements of the Trump-backed health care blueprint go into effect.

President Donald Trump said Pfizer Inc. should be "ashamed" for raising the prices of its pharmaceutical products, rattling shares of the USA drug giant on Monday. For Pfizer, the increases on July 1 applied to more than 100 drugs, including Viagra, Norvasc blood pressure medication and lung cancer drug Xalkori.

Pfizer raised list prices on around 40 medicines earlier this month. That gives Trump, who made lowering prescription drug prices a top 2016 presidential campaign issue, a short-term victory he can point to in the run-up to the elections, which are being closely watched to see if Trump's fellow Republicans will be able to maintain control of both the Senate and the House of Representatives.

Cat crawled onto a TV commentator's head
Apparently, Targalski is a regular commentator on the show and it's not the first time his puss has gatecrashed an interview. Dutch journalist Rudy Bouma , who was conducting the interview, shared a clip of Lisio stealing the show.

"They (pharma companies) are merely taking advantage of the poor and others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe & elsewhere", he said. Trump, on Monday, tweeted said the company should be "ashamed" and vowed an unspecified response.

"The list price remains unchanged for the majority of our medicines".

"Pfizer shares the President's concern for patients and commitment to providing affordable access to the medicines they need", Read said in a statement. For example, a number of Democrats in Congress have complained that large companies have used big savings from last year's tax cuts to buy back stock in a way that benefits shareholders, rather than use the money to boost wages or cut prices.

Latest News