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Pfizer Announces Reduction in the Prices of Medicines

Pfizer, a pharmaceutical giant from America, on Tuesday, announced a rollback for the planned drug price raises for July 2018. The company has changed its decision after a discussion with Donald Trump, the U.S. President. Recently, Trump had criticized the company on Twitter for increasing the medicine prices.

On Tuesday evening, Trump stated on Twitter that the Trump Administration congratulates Pfizer for its recent decision of rolling back the drug prices increase. Also, he added that the administration hopes that the other companies also will follow Pfizer and do the same. He assured this was great news for the people from America.

The U.S. President and Alex Azar, Secretary, the U.S. Department of Health and Human Services, during a meeting with Ian Read, CEO, Pfizer, discussed Trump’s “drug pricing blueprint.” The meeting was successful and achieved a promise from the company to turn back the price increase. Trump stated that the American patients now will not have to pay more for medicines.

Pfizer added details and stated that the prices will be changed than that of levels seen 10 Days back as soon as possible. The company also assured that the prices will remain the same as long as either the blueprint of the U.S. President goes into effect or the end of 2018—whichever is sooner. Azar proclaimed that the recent move is a step in the right direction and a most important victory for the American patients.

On a related note, earlier, GoodRx, a company that tracks the prices of drugs in the U.S., reported that the prices of Chantix, a smoking-cessation drug by Pfizer, reached closer to the blockbuster status earlier last year. The drug brought in about $997 Million in sales. This was of about 18% hike from the sales of the drug than 2016.

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