Donald Trump slams drug companies for raising prices

A Pfizer building in Kalamazoo County

"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.

Related News:



Most liked

Meghan, Duchess of Sussex, rocked many looks during Ireland visit
Higgins before visiting an Irish emigration museum, a technology startup hub and Trinity College, Ireland's oldest university. Before her acting career, at age 12, Markle became an activist after seeing a dish soap commercial she felt was sexist.

Conservative rebels target Theresa May's Brexit plan
Amendments tabled to the customs bill threaten to undermine Theresa May's plan for future UK-EU relations. "We won all but one vote".

Just 38 children guaranteed to be reunified by border separation deadline
The ACLU's Gelernt said during a court hearing on Friday that it was "startling" that the government can not find some parents. The father said he planned to live with relatives in the United States as his asylum case is processed, which could take years.

Fortnite Season 5 Adds a New Squad Vehicle, Desert Biome & More
This is on top of the other skins previously leaked and revealed as part of the games new Season 5 5.0 Patch Notes . The height of the jump will depend on how well players are able to lean back and release at the same time.

Trump rails against Germany, demands allies double North Atlantic Treaty Organisation spending
Democratic congressional leaders issued a rare joint statement harshly condemning Trump's remarks. But Trump has been more conciliatory behind the scenes, including at a leaders' dinner Wednesday.

China: Liu Xia free and on way to Germany
That prompted Western governments, including Germany and the United States, to renew their calls for Beijing to release Liu Xia. Xiaobo has already left, there is nothing in this world for me. "Using death to defy could not be any simpler for me".

‘Totally unacceptable’: Beijing vows retaliation if U.S. taxes $200bn of Chinese goods
Last year, more USA crude oil was sent to China than any other destination except Canada, the EIA said in an analysis on Tuesday. That prompted fears it might go beyond matching Washington's duty increases by disrupting operations for USA companies in China.

Excavations for Remains of US Service Members in North Korea May Resume
President Donald Trump pledged to end war games following his summit with North Korean leader Kim Jong Un in Singapore on June 12. Kim has met Xi twice in the lead-up to his June summit with Trump and the third to brief Xi on the outcome of the talks.

Centre approves telecom authority’s recommendations on net neutrality
CEO of Niti Ayog (Amitabh Kant) said that for districts, we must ensure digital infrastructure is provided at the earliest.

UK Conservatives in Quagmire as Two More Vice Chairs Defect From Party
They were announced less than an hour before May was due to face the press alongside German Chancellor Angela Merkel at an global summit in London.

Multivitamins ‘won’t prevent heart disease deaths or strokes’
Joonseok Kim, an assistant professor of cardiology at the University of Alabama at Birmingham, said in a statement . Researchers say the best vitamins and minerals come from the produce aisle, not a pill bottle.

Kane ‘gutted’ as England’s World Cup dream dies
The Duke of Cambridge, who is president of the Football Association, told the Three Lions the whole country is behind them. I don't think any of them could have given any more. "We have had a fantastic journey, further than we thought", he added.

Brent oil gains $1 to claw back some losses
Lower oil prices are particularly important to USA consumers in the summer months when driving reaches its heaviest. Firstly, if the new list of tariffs on China are eventually imposed then China could turnaround and tax USA oil.

Arrest Made After Elderly Man Is Beaten With Brick
Laquisha Jones, 30, was arrested for the attackTuesday night in Los Angeles , the Los Angeles County Sheriff's Department said . Investigators initially believed Rodriguez may have bumped into a young girl with Jones when she started to assault him.

Americans in United Kingdom warned to keep 'low profile' during Trump visit
That afternoon he will meet the Queen at Windsor Castle before heading to Scotland for a private holiday. Then on Monday, he will be off to Helsinki to meet with Russian President Vladimir Putin.