Pfizer says it will "defer" drug price hike after Trump tweet

U.S. President Donald Trump gestures during a Make America Great Again rally in Great Falls Montana

"And there's very little bidding on drugs", Trump said during an event at Trump Tower in NY.

Pfizer's stock price appeared to take a dive after Mr. Trump's tweet, before rebounding. "We applaud Pfizer for this decision and hope other companies do the same", Trump tweeted.

President Trump said Tuesday that Pfizer Inc.is rolling back drug price increases after he attacked the pharmaceutical company a day earlier for raising costs.

The president did not say how the administration might retaliate, though the administration has characterized its drug-pricing proposal as an offer that companies shouldn't refuse, to avoid more heavy-handed measures.

The Pfizer price hikes, most of which were more than 9 percent, embarrassed Trump and came amid an ongoing push by his administration to find a solution to rising drug prices. Pfizer had increased the price of 100 of its products, including Viagra as of July 1, the Financial Times reported earlier in July.

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Trump had said in May that some drug companies would soon announce "voluntary, massive" cuts in prices, but none have materialized yet. That gives Trump, who made lowering prescription drug prices a top 2016 presidential campaign issue, a short-term victory he can point to in the run-up to the elections, which are being closely watched to see if Trump's fellow Republicans will be able to maintain control of both the Senate and the House of Representatives.

Trump has promised repeatedly to drive down drug prices, though so far most-noticed efforts have been using his Twitter account and stump speeches to call out pharmaceutical companies, rather than enacting major new policies.

President Donald Trump said Pfizer Inc. should be "ashamed" for raising the prices of its pharmaceutical products, rattling shares of the US drug giant on Monday. He accused the company of taking advantage of the poor and defenseless while giving bargains to countries in Europe and elsewhere. For example, in August previous year he criticized Merck & Co., saying the company was shipping jobs outside of the USA while raising prices. The price drops on five drugs will not change.

"Pfizer shares the President's concern for patients and commitment to providing affordable access to the medicines they need", said Reid.

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