President Donald Trump tore into pharmaceutical giant Pfizer Monday, criticizing the drug company for what he suggests is price gouging aimed at American customers.
“Pfizer & others should be ashamed,” Trump declared just a week after Pfizer raised drug prices for a second time this year on 100 products.
Trump accused the drug manufacturer of raising drug prices without reason, “taking advantage of the poor” while giving bargains to other countries.
“They are merely taking advantage of the poor & others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe & elsewhere,” Trump went on.
The President proclaimed, “We will respond!”
Pfizer’s price hikes involved the price of well-known drugs including erectile dysfunction treatment Viagra, according to the Financial Times. The July 1 increases were north of nine percent in many cases.
The price hikes come a month after President Trump stated some major drug chains would be announcing voluntary price drops by mid-June, according to the Times report. Pfizer has greatly dropped the prices of five products.
In the first half of May, the White House unveiled President Trump’s plan to reduce drug prices. The plan outlined action items to be implemented by the Department of Health and Human Services (HHS) including streamlining the process for over-the-counter drugs and enhancing competition. Other provisions involved more negotiation for drugs provided through Medicare.
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