Pfizer says it will "return these prices to their pre-July 1 levels as soon as technically possible". "And there's very little bidding on drugs", Trump said during an event at Trump Tower in NY.
The company's price hikes on 100 products went into effect on July 1.
Although Trump had vowed to take on the pharmaceutical industry during his race to the Oval Office, as Bloomberg noted Monday, "so far his most-noticed efforts have been using Twitter and stump speeches to call out pharmaceutical companies, rather than enacting major new policies".
The Trump administration released a blueprint last May to lower the list prices and out-of-pocket costs associated with prescription drugs.
The agreement is a bit of egg-on-the-face for Read, but he may accomplish one thing for the moment: remove some of the pressure on the pharmaceutical industry as a whole to cut prices., since Trump appeared to be ratcheting up the pressure on companies.
At the time, many United States companies were anxious about what might happen if Trump chose to lead a charge against their industry, and stocks for pharmaceutical companies fell that day.
In a statement, Pfizer said price changes affected a small slice of their business and that many consumers will feel no financial pain, due to rebates in the pharmaceutical supply chain. Those include Viagra, cholesterol drug Lipitor and arthritis treatment Xeljanz, according to Wells Fargo. Azar has said lowering prices long term will take years because of the complexity of the healthcare system.
The administration in May introduced a blueprint aimed at reducing drug prices. Trump said in May that some drug companies would announce "voluntary, massive" price decreases in two weeks, though none have materialized yet.
"Pfizer shares the President's concern for patients and commitment to providing affordable access to the medicines they need", said Reid.
"Pfizer & others should be ashamed that they have raised drug prices for no reason", he wrote.