Under pressure from Trump, Pfizer agrees to roll back price hikes

U.S. President Donald Trump gestures during a Make America Great Again rally in Great Falls Montana

"Great news for the American people!"

Trump warned that his administration would respond to such an unjustified increase in drug prices.

Trump on Tuesday praised Read for his decision to delay the price increases.

The company's price hikes on 100 products went into effect on July 1.

"The list price remains unchanged for the majority of our medicines". That gives Trump, who made lowering prescription drug prices a top 2016 presidential campaign issue, a short-term victory he can point to in the run-up to the elections, which are being closely watched to see if Trump's fellow Republicans will be able to maintain control of both the Senate and the House of Representatives. "They are merely taking advantage of the poor & others unable to defend themselves". Later that month, Trump claimed the report would led to "voluntary massive drops in prices", says Reuters, but no such drops ever came.

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.

"The company will return these prices to their pre-July 1 levels as soon as technically possible, and the prices will remain in effect until the earlier of when the president's blueprint goes into effect or the end of the year - whichever is sooner", Pfizer said in a statement.

The list prices do not reflect what most patients or insurance companies pay due to rebates to payers and others in the supply chain, Pfizer said. The company agreed to make the deferral while the Trump administration works on President Trump's blueprint to lower drug prices and improve healthcare for patients.

"We are encouraged that the president recognizes the value our industry brings to society and our ability to fulfill our mission to discover and bring innovative new medicines to patients", Read added.

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