US drugmaker Pfizer has reversed price increases on some drugs following White House pressure and it pledged to decide soon whether to sell its consumer drugs business.
A day after President Donald Trump threatened action on drug prices, and said on Twitter drug companies should be “ashamed” for boosting costs, the pharmaceutical giant said it would reverse price increases that took effect July 1.
In a news release late Tuesday, Pfizer said drug prices would return to their levels of prior to July 1 and would stay at that price until the end of the year, or until Trump enacts a “blueprint” on drug prices.
“Pfizer shares the President’s concern for patients and commitment to providing affordable access to the medicines they need,” Pfizer chief Ian Read said.
A Pfizer spokeswoman said the price hikes that have now been reversed affected about 40 medicines and included a number of instances in which prices were dropped.
The changes were in the “low single digits” and in some cases would not have affected the prices consumers pay because of rebates, the spokeswoman added.
Pfizer also announced Wednesday it would reorganize the company into three divisions instead of two: innovative medicines, established medicines for legacy and generic products, and consumer healthcare, which will include over-the-counter drugs.