Pfizer Temporarily Holds Off on Drug Price Hikes

Pharmaceutical company Pfizer says it's holding off on U.S. price increases it introduced on July 1, but will eventually restore those price hikes.

Pfizer CEO Ian Read discussed the matter Tuesday with President Donald Trump and Health Secretary Alex Azar, the Associated Press reported.

After the meeting, Pfizer issued a statement saying Read agreed to "defer the company's price increases that were effective on July 1 to give the president an opportunity to work on his blueprint to strengthen the healthcare system."

But Pfizer said it will "return these prices to their pre-July 1 levels as soon as technically possible," the AP reported.

On Monday, Trump complained about the price increases. After Tuesday's meeting, he tweeted that Pfizer is "rolling back price hikes, so American patients don't pay more."

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