Pfizer to increase some drug prices in 2019

Nov. 16 (UPI) -- Pfizer announced Friday it is raising the prices of dozens of drugs in 2019 after bowing to pressure earlier this year from President Donald Trump and rolling back increases.

The pharmaceutical company plans to increase the list prices of 41 prescription drugs by between 3 percent and 9 percent. Most of the drugs affected will be increased by 5 percent.

Pfizer has not revealed which drugs, which represent 10 percent of its portfolio, will face increases. The company said it expects the hikes to be offset by rebates and health insurance.

"We believe the best means to address affordability of medicines is to reduce the growing out-of-pocket costs that consumers are facing due to high deductibles and co-insurance, and ensure that patients receive the benefit of rebates at the pharmacy counter," Pfizer Chairman and CEO Ian Read said.

In July, the company canceled plans to raise prices on certain drugs by more than 10 percent after Trump lashed out against pharmaceutical companies hiking prices.

"Pfizer & others should be ashamed that they have raised drug prices for no reason," the president tweeted. "They are merely taking advantage of the poor & others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe & elsewhere. We will respond!"

Pfizer confirmed at the time that it would reverse the price hikes, but said the decision would be temporary pending the outcome of Trump's "blueprint to strengthen the healthcare system and provide more access for patients."

"Drug companies raising their prices and offsetting them with higher rebates benefits everyone but the consumer, who routinely pays out of pocket based on list price," Caitlin Oakley, a department of Health and Human Services spokeswoman, wrote in a statement to USA Today on Friday.

Pfizer's price increases were expected to go into effect Jan. 15.