Pfizer Inc (NYSE:PFE) continues to be controversial in its business operations. According to global information services company, Wolters Kluwer, the pharmaceutical giant has raised prices in the United States for more than 100 of its drugs, some prices increased by as much as 20 percent.
Some of the confirmed price increases include the 9.4 percent increase for the very popular pain drug Lyrica, which sales were valued at $2.3 billion in 2014, and a 12.9 percent increase for Viagra, which sales were valued at $1.1 billion in 2014.
Pfizer said in a statement, "Medicines are among the most effective and efficient use of private and public health care dollars… It is important to note that the list price does not reflect the considerable discounts offered to the government, managed care organizations, and commercial health plans and certain programs that restrict any increases above the inflation rate."
In addition to the price increase of drugs, which has been a topic of debate since the Turing Pharmaceuticals case, when former CEO of the company Martin Shkreli increased prices of a needed drug 5000%, Pfizer is also using a tax loophole that allows it to slash its U.S. tax bill. The company plans to merge with Ireland-based Allergan Plc in a deal valued at $160 billion. The merger will allow to move its executive offices to Ireland, escaping U.S tax laws.