Trump slams Pfizer and other drug companies over high 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

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

"Pfizer & others should be ashamed that they have raised drug prices for no reason", said Trump. "And there's very little bidding on drugs", Trump said during an event at Trump Tower in NY. During his presidential campaign, he promised lower U.S. drug costs.

The Pfizer price hikes, most of which were more than 9 percent, embarrassed Trump and came amid an ongoing push by his administration to find a solution to rising drug prices. He accused the company of taking advantage of the poor and defenseless while giving bargains to countries in Europe and elsewhere.

Although Trump had vowed to take on the pharmaceutical industry during his race to the Oval Office, as Bloomberg noted Monday, "so far his most-noticed efforts have been using Twitter and stump speeches to call out pharmaceutical companies, rather than enacting major new policies".

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.

On May 30, Trump promised that some big drug makers would take "massive" and "voluntary" price cuts in two weeks.

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Wells Fargo Securities issued a report this month that found that Pfizer raised prices on 41 drug products on July 1 and lowered prices on five products. It was the company's second price hike this year.

Trump, a longtime critic of rising drug prices, has previously suggested the government negotiate drug prices and allow the importing of prescription drugs from overseas-both moves that would hurt the pharmaceutical companies at home.

"The list price remains unchanged for the majority of our medicines".

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

In a statement, the company said that it "shares the President's concern for patients and commitment to providing affordable access to the medicines they need".

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