President Donald Trump today announced Pfizer would lower drug prices, although the pharma giant later clarified it would only temporarily roll back price hikes that went into effect July 1.

"Just talked with Pfizer CEO and @SecAzar on our drug pricing blueprint," Trump tweeted at 6:37 p.m. "Pfizer is rolling back price hikes, so American patients don’t pay more. We applaud Pfizer for this decision and hope other companies do the same. Great news for the American people!"

Pfizer, in a statement released after the president's tweet, said its Chairman and CEO Ian Read discussed drug prices with Trump on Tuesday, about a week after price hikes on dozens of the company's drugs took effect. According to Pfizer, the company will cancel those price increases to give the president an opportunity to work on his administration's broader effort to overhaul drug prices.

Comments