July 11, 2018 Blog

Not enough: Pfizer roll backs on drug price hikes are not a significant drug pricing reform

WASHINGTON, DC — In response to the announcement that Pfizer rolled back July price hikes on dozens of prescription drugs after a presidential Tweet condemning the multinational drug corporation’s most recent price increases, David Mitchell, president and founder of Patients For Affordable Drugs, issued the following statement:

“We’re glad to see that President Trump took Pfizer to the woodshed,” he said. “There are other companies that have increased prices and could use the pressure of a Presidential tweet. But one-off tweets do not fix the systemic problems we have with drug prices. We need long-term structural action to provide enduring relief.”

BACKGROUND

  • President Donald Trump on May 30 said some of the nation’s biggest drug makers will voluntarily announce “massive” drug price cuts in mid-June.
  • On July 1, US drug maker Pfizer hiked the price of 100 prescription drugs.
  • President Donald Trump in a tweet condemned the action and Pfizer announced it would roll back the hikes.
  • The roll back does not prevent other corporations from raising drug prices. Celgene, the maker of the cancer drug Revlimid, hiked the drug another 5 percent. In all, the corporation has driven up the price of its life-extending cancer drug 25 percent in 18 months. That drug should be coming down in price based on generic competition. But Celgene has abused our system to block generics.

JOIN US

Patients For Affordable Drugs is the only independent national patient organization focused exclusively on achieving policy changes to lower the price of prescription drugs.