Pfizer to Raise Prices on 41 Prescription Drugs Next Year Despite Pressure From Trump

Pfizer will hike prices on 41 of its prescription drugs in January despite President Trump's push to reduce costs, reports CNBC . The company announced that it will increase the list price of about 10 percent of its drugs on Jan. 15. Most hikes will be 5 percent, although Pfizer will elevate three drugs' list prices by 3 percent and one drug's list price by 9 percent. "We believe the best means to address affordability of medicines is to reduce the growing out-of-pocket costs that consumers are facing due to high deductibles and co-insurance, and ensure that patients receive the benefit of rebates at the pharmacy counter," stated Pfizer outgoing CEO Ian Read. Earlier this year, Trump reprimanded Pfizer when it announced plans to raise prices on about 40 drugs, tweeting that Pfizer and other drugmakers "should be ashamed" for such actions. Pfizer backtracked and said it would hold off on making these increases until the end of the year or until Trump's plan to lower drug prices went into effect. On an October earnings call with Wall Street analysts, Read said by year's end Pfizer's strategy on price hikes would be back to "business as normal."