Pharmaceutical giant Pfizer has reportedly rolled back price hikes on 40 medicines following a meeting with the company’s CEO, Ian Read, and a President Donald Trump focused on bringing down drug prices, STAT reports.
Trump announced the decision in a tweet on Tuesday.
“Pfizer is rolling back price hikes, so American patients don’t pay more,” he said. “We applaud Pfizer for this decision and hope other companies do the same. Great news for the American peoples.”
Pfizer’s price hikes, most of which posted a more than 9 percent increase, went into effect last week.
The drugmaker in a statement said the deferral is giving Trump “an opportunity to work on his blueprint to strengthen the health care system and provide more access for patients.”