Pfizer will likely hike drug prices come January

Despite rolling back price increases earlier this year, Pfizer CEO Ian Read said the drugmaker will likely go back to "business as normal" for drug price hikes come January, according to MarketWatch.

With the heightened pressure from President Donald Trump, lawmakers and the public to lower drug prices, several pharma giants agreed to postpone drug price increases until the end of the year or until the President's blueprint went into effect. The drugmakers' decisions to shelve drug price hikes sparked debate on whether these freezes would make a meaningful difference or if they were just a temporary marketing ploy.

On a third quarter earnings call, Mr. Read said he has been working with President Trump on "parts" of the drug pricing blueprint.

However, it seems as if the blueprint will not be rolled out by the end of the year and the deadline drugmakers gave to resume price hikes is approaching.

"Look, I don't think our pricing situation has changed," Mr. Read said, according to the report. "I have at this moment in time no different view about how we will take price increases as we did last year."

While Mr. Read made the comments on price hikes, he is stepping down as CEO Jan. 1, though he will remain at the company as executive chairman. This means any price increases would be overseen by Albert Bourla, the company's current COO and soon-to-be CEO.

Read the full story here.

Copyright © 2023 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.


Featured Whitepapers

Featured Webinars