Over a 10-15 minute phone call, President Donald Trump told Pfizer CEO Ian Read that the drugmaker’s price hikes implemented July 1 had thrown a wrench in the administration’s efforts to drop drug prices, leading to a six-month deferment of the increases.
U.S. Sen. Ron Wyden, a Democrat, expressed concerns about the over-the-phone deal with Pfizer, according to a Reuters report.
“Instead of proposing meaningful changes that result in lower costs for families and taxpayers, Trump and his Administration are busy scoring cheap PR points that don’t address the fundamental challenges that lead to higher prices every year,” Wyden said in a statement.
Pfizer’s roll back of the price hikes comes two months after Trump vowed pharmaceutical companies would implement significant, “voluntary” price cuts within two weeks. Before Pfizer’s decision, no such announcements had been made.
To read the full report on Reuters, click here.