President Donald Trump has been making a stink about drug prices, claiming a win Tuesday night when Pfizer deferred its plan to increase the prices of 10% of its medications.
But it remains to be seen how Pfizer’s move will impact patients still facing high prescription drug costs.
Here’s all that goes into the price patients are paying when they get to the pharmacy counter.
President Donald Trump is on a crusade to lower prescription drug prices.
In May, the Trump administration laid out a 44-page drug-pricing blueprint, calling out middlemen in the pharmaceutical industry and “freeloading” by other countries that pay less than the US for prescription drugs.
That came to a head on Tuesday when New York-based pharmaceutical giant Pfizer said that it’s deferring the price increases it planned to take on some of its prescription drugs following a conversation between its CEO Ian Read and Trump.
Trump had singled out the pharmaceutical giant earlier in the week over its recent price hikes. Pfizer had increased the price of about 40 of its 400 products, including Viagra, as of July 1. Pfizer wasn’t the only drugmaker to raise the price of its drugs, though it was one of only a handful to raise prices on drugs for a second time in 2018.
“Pfizer & others should be ashamed that they have raised drug prices for no reason,” Trump said in an initial tweet.
Pfizer will now return its drugs to their initial price before July 1. Trump broadcast the move in a tweet, in which he characterized it as “rolling back price hikes, so American patients don’t pay more.”
But it begs the question: how will American patients benefit from this?
To start, Pfizer’s move on Tuesday was to defer its planned price increases, not cancel them …read more
Source:: Business Insider