Trump says Pfizer, others ‘should be ashamed’ for raising drug prices

FAN Editor

President Donald Trump, in a tweet on Monday, said Pfizer and other drugmakers “should be ashamed” for increasing drug prices.

Pharmaceutical companies increased the prices of 104 drugs last week. Pfizer raised the price of 41 drugs by as much as 9 percent, though it also lowered prices on five drugs by as much as 44 percent. The increases came despite Trump’s promise in May that companies would announce “massive, voluntary price cuts” in two weeks.

Trump on Monday said the 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 (and) elsewhere.” He said “we will respond” but did not say how.

Shares of Pfizer briefly turned negative on the tweet but were last up 0.44 percent. The company did not immediately respond to CNBC’s request for comment.

Trump has repeatedly criticized pharmaceutical companies, even accusing them of “getting away with murder.” His administration unveiled a plan in May to lower prices for consumers.

— CNBC’s Meg Tirrell contributed to this report.

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