On May 29, President Donald Trump told the world that drug companies would soon be voluntarily slashing prices, in part due to his tax cut legislation.
On July 3rd, Pfizer said that it has raised costs on 100 pharmaceutical drugs according to a story published in the Financial Times. They are America’s largest drug company, and the price increases went into effect on July 1st.
So much for that promise.
Prices went up over 9 percent on average. MSN pointed out that this was well over the rate of inflation, which is about 2 percent.
Let’s go back: Trump’s Health and Human Services Secretary Alex Azar took a beating for this on July 12th by U.S. Senator Elizabeth Warren, two weeks after Trump promised the “massive decreases.”
He said there would be massive decreases in prices within two weeks,” Warren said at the Senate Health Committee hearing. “It’s been two weeks and there have been no decreases and an indication of increase.”
Secretary Azar’s defense was that the drug companies were still working on it.
There are actually several drug companies that are looking at substantial and material decreases in drug prices,” he said.
So, @pfizer is raising prices on over 40 prescription drugs. This is the 2nd time they've announced price increases since they got an $11 billion tax break from the TrumpTax.
In the meantime, Pfizer CEO Ian Read bought this "Sky Villa" in Florida for $13 million. pic.twitter.com/FLEGJHwnEh
— Michael Linden (@MichaelSLinden) July 3, 2018
Even though Trump said two weeks, Azar’s testimony made it clear that they were working on issue of higher drug prices for American families and that it was important to them.
But – now with this latest announcement, three weeks later, it really throws his and Trump’s statement out the water.
Not only have prices not gone down, but they went up, on 100 drugs, including Viagra.
To bring insult to injury, it must also be noted that Pfizer CEO Ian Read just bought a brand new $13 million “sky villa” in Florida. Trump’s Mar-a-Lago must not be too far off.