Trump slams Pfizer and other drug companies over high prices

Donald Trump

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President Donald Trump on Monday said Pfizer and other pharmaceutical companies "should be ashamed" of themselves for raising drug prices and vowed a government response, just two months after saying he had put forward a plan to "derail the gravy train".

The return of the price to its pre-July 1 was first broadcast by Trump in a tweet, in which he characterized it as "rolling back price hikes, so American patients don't pay more". "Great news for the American people!" "In addition, the price declines the company took as of July 1 will remain in effect". Trump wrote in a post on Twitter on Monday.

"We applaud Pfizer for this decision and hope other companies do the same", Trump, who is travelling in Europe, said in a tweet. His comments appear to be motivated by a Financial Times piece stating that Pfizer raised their prices on 100 different drugs at the start of the month.

If you are serious about this issue, tell your Republican pals in Congress to pass bills requiring Medicare to negotiate drug prices and enabling the importation of safe, low-priced drugs from Canada and other countries. Trump had said in May that some drug companies would announce "voluntary, massive" price decreases in two weeks, but none have materialized yet. Those include Viagra, cholesterol drug Lipitor and arthritis treatment Xeljanz, according to Wells Fargo.

By contrast, few other large brand-name drug makers took similar steps, since most companies prefer to keep a low profile - and avoid being the subject of Trump tweets - while the White House sorts out its drug-pricing proposal. Still, Trump predicted it would lead, within weeks, to a major reduction in drug prices.

"Pfizer shares the President's concern for patients and commitment to providing affordable access to the medicines they need", Read said in a statement.

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. But by Tuesday, the company's position changed, as it opted to scrap the increases until at least next year.

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