Pharmaceutical giant Pfizer agreed to postpone some drug price increases one day after President Donald Trump slammed the company on Twitter, saying it should be "ashamed" of the decision.
On July 1, the company raised prices on 100 drugs and treatments by an average of about 9 percent, although some drugs saw a 20 percent price increase. Pfizer will return the costs of these drugs to their pre-July 1 levels until "the President's blueprint goes into effect or the end of the year — whichever is sooner," the company wrote in a press release.
The decision to defer the price increases came after President Trump spoke with Pfizer's Chairman and CEO Ian Read July 10.
"Pfizer shares the President's concern for patients and commitment to providing affordable access to the medicines they need," Mr. Read said.
One day after President Trump criticized Pfizer for the price hikes, he praised the company for its decision to put a pause on the increases.
"Pfizer is rolling back price hikes, so American patients don't pay more," President Trump tweeted July 10. "We applaud Pfizer for this decision and hope other companies do the same."