Pfizer to postpone some drug price increases, after criticism from Trump

Pfizer on Tuesday said it will return prices on dozens of the company's drugs to where they were before July 1 "as soon as technically possible," after President Trump criticized the company in a Twitter post.

Pfizer on Tuesday said it will return prices on dozens of the company's drugs to where they were before July 1 "as soon as technically possible," after President Trump criticized the company in a Twitter post. The company said they will remain there until the end of the year or when the president's blueprint for lowering prices goes into effect, whichever comes first. "Pfizer & others should be ashamed that they have raised drug prices for no reason," Trump tweeted on Monday, adding that "We will respond!" On Tuesday, Trump said he was pleased to see the company backtracking. "Pfizer is rolling back price hikes, so American patients don’t pay more," Trump tweeted. "We applaud Pfizer for this decision and hope other companies do the same." Ian Read, the chairman and CEO of Pfizer, said he had "an extensive discussion with President Trump" on Tuesday. Read said Pfizer is postponing its price increases "to give the president an opportunity to work on his blueprint" and to "provide more access for patients."