|
|
Pfizer postpones drug price hikes after Trump warns
|
|
|
|
Top Stories |
|
|
|
|
IANS | 11 Jul, 2018
Pharmaceutical giant Pfizer has announced it will roll back the price
increase of some 40 drugs after US President Donald Trump issued public
warnings to the company.
Pfizer said in a statement on Tuesday
that it would postpone the price hike to at least the beginning of 2019,
Efe news reported.
"Pfizer is rolling back price hikes, so
American patients do not pay more. We applaud Pfizer for this decision
and hope other companies do the same. Great news for the American
people!" Trump said on his Twitter account later.
Pfizer's
decision comes a day after Trump threatened the company with unspecified
measures following its price increase announcment a few days earlier.
"Pfizer
and others should be ashamed that they have raised drug prices for no
reason," Trump tweeted. "They are merely taking advantage of the poor
and others unable to defend themselves, while at the same time giving
bargain basement prices to other countries in Europe and elsewhere. We
will respond!" he added.
Among the products affected by the price
increase include Viagra, an erectile dysfunction medication; Xalkori, a
lung cancer medicine and Lyrica, a medication used in treating
neuropathic or nerve pain.
This is the second time the New
York-based pharmaceutical company has raised prices of its products in
2018, while other companies, such as the French Sanofi group, have also
increased their prices, according to the Wall Street Journal.
Trump,
who is currently in Brussels for a North Atlantic Treaty Organization
(NATO) summit, also said he had spoken with Pfizer CEO Ian Read and
Secretary of Health and Human Services Alex Azar about his drug pricing
proposal.
In May, Trump announced a plan to reduce drug costs, a
strategy that aims to force other countries to raise their drug prices
and reduce them inside the US.
However, his plan did not impose
any concrete price ceiling for drug manufacturers, which can charge
customers in the US according to market demand as the American
government does not regulate their prices like other countries.
According
to data from the Organization for Economic Cooperation and Development,
each US citizen spent an average of $1,162 on pharmaceutical products
in 2015, compared to $756 in Canada and $497 in the UK, where the
governments impose measures to regulate the prices.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|