Pfizers Announces It Will Defer Companys Price Increases

Following an extensive discussion with President Trump today, Pfizer’s
Chairman and CEO Ian Read announced that it will defer the company’s
price increases that were effective on July 1 to give the president an
opportunity to work on his blueprint to strengthen the healthcare system
and provide more access for patients. The company will return these
prices to their pre-July 1 levels as soon as technically possible, and
the prices will remain in effect until the earlier of when the
president’s blueprint goes into effect or the end of the year –
whichever is sooner. In addition, the price declines the company took as
of July 1 will remain in effect.

“Pfizer shares the President’s concern for patients and commitment to
providing affordable access to the medicines they need,” said Ian Read.
“The most fundamental way the biopharmaceutical industry creates value
is by discovering innovative medicines that help people live longer,
healthier, more productive lives. We have entered an exciting new era
with scientific advances that will result in future breakthroughs and
cures. This highly complex and important work also generates hundreds of
thousands of highly skilled jobs across the U.S. Furthermore we have
recently committed $5 billion of capital to expand our manufacturing in
the U.S. We are encouraged that the President recognizes the value our
industry brings to society and our ability to fulfill our mission to
discover and bring innovative new medicines to patients.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20180710006082/en/

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