Trump convinced Pfizer to keep its drug prices steady. Now, it's reversing course.
President Trump once convinced drug manufacturer Pfizer to curb its price hikes. This time, he may not be so lucky.
America's biggest drug manufacturer announced Friday it would increase prices on 10 percent of its prescriptions in January, Bloomberg reports. The move comes after Republicans lost the House in last week's midterms — something experts suggest isn't a coincidence.
The price hike affects 41 prescription drugs in Pfizer's portfolio, The Wall Street Journal has learned. Most of the drugs will see a 5 percent price increase, but some could be up to 9 percent. "Newly approved medicines and sterile injectables" aren't included in the hike, the Journal writes.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Pfizer announced a similar increase on more than 40 drugs back in July, with many slated for price hikes of 9.4 percent and even higher. Trump quickly criticized the move on Twitter, and after a conversation between the president and Pfizer CEO Ian Read, Pfizer said it would delay the increases "to give the president an opportunity to work on his blueprint to strengthen the health-care system."
After Friday's revelation, Andy Slavitt, the former head of Medicare and Medicaid, suggested in a tweet that Pfizer was "back to business" now that the midterms are over. After all, Democrats will soon take over the House, limiting Trump's ability to revamp the health-care system. Trump also still hasn't enacted his plan to lower drug costs, Bloomberg notes. And Read, who the Journal says "supports the Trump administration," is stepping down as Pfizer's CEO in January.
A spokeswoman for Health and Human Services Secretary Alex Azar criticized the move, telling Bloomberg it shows the "perverse incentives of America's drug pricing system."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
Today's political cartoons - December 22, 2024
Cartoons Sunday's cartoons - the long and short of it, trigger finger, and more
By The Week US Published
-
5 hilariously spirited cartoons about the spirit of Christmas
Cartoons Artists take on excuses, pardons, and more
By The Week US Published
-
Inside the house of Assad
The Explainer Bashar al-Assad and his father, Hafez, ruled Syria for more than half a century but how did one family achieve and maintain power?
By The Week UK Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published