Donald Trump lashes out at drug company for price hikes

Pfizer sign

President Donald Trump criticized Pfizer drug price hikes on Twitter on Monday

President TrumpDonald John TrumpMichelle Wolf in July Fourth salute: "God bless abortions and God bless America" Graham: Trump's Supreme Court picks "all winners" Man arrested after allegedly threatening to kill Trump supporters, GOP lawmaker MORE on Monday attacked Pfizer and other pharmaceutical companies for raising prices in recent weeks, despite his promise that costs to consumers would be declining.

"Pfizer & others should be ashamed that they have raised drug prices for no reason", Trump said in a tweet.

The company added that prices will return to the levels before the July 1 price hike "as soon as technically possible" and will remain in effect until the Trump blueprint goes into effect or by the end of this year - whichever is sooner. "Great news for the American people!" For Pfizer, the increases on July 1 applied to more than 100 drugs, including Viagra, Norvasc blood pressure medication and lung cancer drug Xalkori. It was followed by other pharma companies.

Azar responded to Trump's tweet on Monday with a declaration that "change is coming to drug pricing, whether painful or not for pharmaceutical companies", while offering no new plans to force such changes.

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The Trump administration released a blueprint last May to lower the list prices and out-of-pocket costs associated with prescription drugs. Some of the drug prices increased by double digit percentages. Importantly, list prices do not reflect what most patients or insurance companies pay.

The administration in May introduced a blueprint aimed at reducing drug prices.

The rollback came a day after Trump took aim at Pfizer and other US drugmakers for raising prices on some of their medicines, saying in a tweet that they "should be ashamed" and that his administration would respond.

"Pfizer shares the President's concern for patients and commitment to providing affordable access to the medicines they need", said Reid. Moreover, the vast majority of those increases were more than 9 percent, which greatly exceeds inflation while adhering to an informal and voluntary industry move to keep price hikes below 10 percent.

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