Pfizer to hike price of 41 drugs in January

Despite agreeing to freeze prices in July under heavy pressure from President Donald Trump, Pfizer plans to raise the price of 41 prescription drugs in January, according to The Wall Street Journal.

The price hikes will affect about 10 percent of its drug portfolio, a smaller percentage than in the past. Most of the increases will be about 5 percent, though one drug's list price will rise 9 percent.

Pfizer announced its price hikes to comply with a 2017 California law requiring drugmakers to give insurers in the state a 60-day notice if it plans to raise drug prices more than 16 percent in two years.  

Pfizer's decision to raise prices comes as public scrutiny of drug prices grows. However, the decision does not come as a surprise.

In July, President Trump slammed Pfizer on Twitter, saying the company should be "ashamed" of the decision to increase the list price of more than 100 drugs and treatments. The drugmaker agreed to defer price increases until  "the president's blueprint goes into effect, or the end of the year — whichever is sooner."

More articles on pharmacy:
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Express Scripts to launch formulary for lower list price drugs
Nestle pays $98M for increased stake in food allergy drugmaker Aimmune

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