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Pfizer Agrees To Defer Drug Price Hikes After Criticism From Trump

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Pfizer Agrees To Defer Drug Price Hikes After Criticism From Trump
The company said in a statement it will reverse price increases that went into effect at the beginning of the month.
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After having an "extensive discussion" with President Donald Trump, Pfizer says it's putting off price increases on dozens of drugs.

The company said in a statement it will reverse price increases that went into effect at the beginning of the month "to give the president an opportunity to work on his blueprint to strengthen the healthcare system and provide more access for patients."

The reversal will remain in effect until that drug pricing blueprint is in place or until the end of the year — whichever comes first.

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

The news comes just days after Trump criticized Pfizer for "taking advantage of the poor & others unable to defend themselves."

The president applauded Pfizer's decision Tuesday and said he hopes other companies will do the same.