Pfizer Inc said on Friday that it plans to hike US prices on 41 of its medicines in January, after walking back its previous planned price increases this summer under pressure from President Donald Trump.
"Given the higher rebates and discounts, we expect that the healthcare system will share those benefits with patients so they do not experience higher costs for their medicines", the company said.
The end of the year is approaching, and Trump's "blueprint to lower drug prices" has yet to translate into any infrastructure, so Pfizer appears to be moving ahead with higher prices on some drugs. Most of the drugs will see a 5 percent price increase, but some could be up to 9 percent. Last month, Trump outlined a plan to revamp how Medicare pays for certain high-cost drugs by basing reimbursements on the prices paid in other countries.
Trump negotiated a brief halt to Pfizer's regular price increases by going directly to Chief Executive Officer Ian Read in July.
"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", Pfizer said in the statement.
The White House did not respond to a request for comment.
But by October, it became clear that Pfizer would go back to raising drug prices.
That Pfizer's raising prices shouldn't come as a surprise.
"However, given how public the previous rebuke was, we think this [will] enflame the debate around drug pricing", Maris said, "especially since it comes less than two weeks following an election that resulted in Democrat control of the House with many having run on drug-price-controls/Medicare-for-All platforms".
The company, which is one of the world's largest pharmaceutical companies sales-wise, initially raised the price on 40 drugs before withdrawing those increases - a move later praised by the president.