Lawmaker Presses Pfizer Over Price Hikes

Pfizer will lift its brief, self-imposed ban on price hikes in January, increasing the cost of 41 of its medicines by 3 to 9 percent.

According to STAT News, Sen. Tammy Baldwin (D-WI) wrote the company a reprimanding letter: “In January of this year, Pfizer instituted 116 price hikes, and at the beginning of 2017, your company increased the price of nearly 100 drugs.” Sen. Baldwin also noted that almost $11 billion in tax benefits that the company received as a result of Republican legislation went toward stock buybacks, which largely benefitted executives and shareholders.

Pfizer CEO Ian Read, who will be succeeded by Albert Bourla at the beginning of the year, declined to comment on or respond to the letter.

Democratic legislators will take control of the U.S. House of Representatives next month and will likely continue to press pharmaceutical companies over prescription drug prices.

Source: STAT News, December 11, 2018.