Pharma giant Pfizer said it will at least temporarily roll back price increases it took at the start of July on about 40 drugs, beating a retreat after company CEO Ian Read spoke with President Donald Trump, who had earlier attacked Pfizer’s price hikes on Twitter.
Prices on those products, which reportedly included major brands like Viagra and Chantix, will revert back to pre-July 1 levels as soon as “technically possible,” Pfizer said in a statement. The reprieve, though, may only be temporary — the pharma suggested prices could increase again next year.
Pfizer’s decision is a public relations win for the Trump administration and marks a rare about-face from a company seen as a standard bearer for the drug industry. Yet, the reversal will not reduce prices below the pre-July status quo and is a far cry from the “massive’ cuts from drugmakers that Trump in May promised would be coming soon.