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. We will respond!
President Trump's tweet comes only days after reports that Pfizer raised prices on dozens of drugs starting in July, with many increases coming in at 9%. Before the reports, Trump said in late May that drugmakers were planning "massive" voluntary price cuts.
At the same time, many industry players have committed to limiting their hikes amid a yearslong examination of pharmaceutical pricing. Allergan and AbbVie are among companies that have pledged to keep price hikes to once per year and under 10%.
After a round of increases last year, members of the Interfaith Center on Corporate Responsibility wrote to Pfizer CEO Ian Read to say they're worried the company "has responded to the intense scrutiny on pricing over the past year by continuing a relentless march forward on drug price increases." In the letter, ICCR investor members said they believe Pfizer is “increasingly out of step with leaders in the sector.”
A company spokesperson declined to respond to the letter but reiterated a statement that the company "has always priced responsibly" and that it believes "innovative medicines are one of the most valuable and cost-effective segments of healthcare spend and are an important part of the solution to growing healthcare costs."
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