Donald Trump slams drug companies for raising prices

Pfizer Inc. Lyrica pills sit in a bottle at a pharmacy in Princeton Illinois U.S. on Monday Oct. 23 2017.        , Daniel Acker  Bloomberg

"We applaud Pfizer for this decision and hope other companies do the same", Trump said in a tweet.

Trump had singled out the pharmaceutical giant on Monday over its recent price hikes.

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.

The criticism comes after media coverage of Pfizer including a Wall Street Journal story that said the company raised the list prices for over 40 of its prescription drugs. As Common Dreams reported, "rather than allowing the government to negotiate lower drug prices-a proposal backed by 92 percent of Americans-Trump's plan vaguely promises to "encourage innovation" in the private sector while pursuing "reforms" to Medicare to promote 'greater flexibility'".

President Donald Trump says pharmaceutical company Pfizer is "rolling back price hikes, so American patients don't pay more".

Mr. Trump called out Pfizer, which this month raised the price of 100 of its drugs - including Viagra - despite the White House's loud push to slash costs by tweaking Medicare and cracking down on "middlemen" who get bigger rebates from higher list prices, among other reforms. "In addition, the price declines the company took as of July 1 will remain in effect". He accused the company of taking advantage of the poor and defenseless while giving bargains to countries in Europe and elsewhere. But on Monday, even after Trump singled out Pfizer by name and vowed a response, the company's investors appeared to mostly shrug it off.

Pharmaceutical company shares rose after Trump unveiled his drug pricing blueprint and the administration has not yet taken serious action to lower prices. 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.

"I commend Pfizer for its constructive and professional approach, and its desire to work with President Trump to be part of the solution and not part of the problem", he said in a statement.

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