Trump slams Pfizer: ‘They have raised drug prices for no reason’

By Flora Southey contact

- Last updated on GMT

(Image: Getty/pressureUA)
(Image: Getty/pressureUA)
President Trump has condemned pharmaceutical companies, including Pfizer Inc., on social media, tweeting that they have increased list prices of prescription drugs without cause.

On July 2, The Wall Street Journal​ reported US-headquartered Pfizer had “raised the list prices of more than 40 of its prescription drugs.”

Yesterday, President Trump spoke out against the major pharmaceutical company on Twitter​: “Pfizer & others should be ashamed that they have raised drug prices for no reason.”

“They are merely taking advantage of the poor & others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe & elsewhere,”​ he added.In response to the Twitter post, a Pfizer spokesperson told us Trump was referring to the US market, where its list price remains largely unchanged.

“Our portfolio includes more than 400 medicines and vaccines; we are modifying prices for approximately 10% of these, including some instances where we’re decreasing the price,”​ the spokesperson explained.

“Importantly, list prices do not reflect what most patients or insurance companies pay.  In the first quarter of 2018 the net selling price increase was 0% due to the growing amount of rebates paid back to stakeholders in the biopharmaceutical supply chain,”​ the spokesperson added.

The US president and his policies continue to attract attention from the pharmaceutical sector. Just last week, we reported​ that Massachusetts Biotechnology Council’s CEO had condemned Trump’s immigration ban​, arguing the Supreme Court’s ruling will prevent the life science sector from hiring the “best and brightest” ​in the industry.

Related topics: Regulatory & Safety, Regulations

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