Will Trump tweet on Pfizer cut short the pharma rally?

The criticism comes after media coverage of Pfizer including a Wall Street Journal story that said the company raised the list prices for over 40 of its prescription drugs.

US President Donald Trump on Monday took aim at Pfizer Inc and other US drugmakers after they raised prices on some of their medicines on July 1, saying his administration would act in response.

"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". Across the industry, Wells Fargo found, companies rose drug prices on 63 products and lowered prices on 64 products in June.

Although many drug makers traditionally raise prices mid-year, Pfizer stood out last week for two reasons - the price hikes were for dozens of drugs and the actual increases were particularly large.

At the time, many United States companies were anxious about what might happen if Trump chose to lead a charge against their industry, and stocks for pharmaceutical companies fell that day.

If you are serious about this issue, tell your Republican pals in Congress to pass bills requiring Medicare to negotiate drug prices and enabling the importation of safe, low-priced drugs from Canada and other countries. "Great news for the American people!"

"They (pharma companies) are merely taking advantage of the poor and others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe & elsewhere", he said. Trump wrote in a post on Twitter on Monday.

On May 30, Trump promised that some big drug makers would take "massive" and "voluntary" price cuts in two weeks. The price decreases will remain in effect, according to Pfizer's Tuesday release. It was the company's second price hike this year.

"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", said Reid.

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