Pfizer puts price hikes on hold after Trump complains

U.S. President Donald Trump gestures during a Make America Great Again rally in Great Falls Montana

Wells Fargo Securities issued a report this month that found that Pfizer raised prices on 41 drug products on July 1 and lowered prices on five products.

President TrumpDonald John TrumpMichelle Wolf in July Fourth salute: "God bless abortions and God bless America" Graham: Trump's Supreme Court picks "all winners" Man arrested after allegedly threatening to kill Trump supporters, GOP lawmaker MORE on Monday attacked Pfizer and other pharmaceutical companies for raising prices in recent weeks, despite his promise that costs to consumers would be declining. For Pfizer, the increases on July 1 applied to more than 100 drugs, including Viagra, Norvasc blood pressure medication and lung cancer drug Xalkori.

Trump reacted sharply to news of Pfizer's price hikes, proclaiming, "Pfizer & others should be ashamed that they have raised drug prices for no reason".

"We applaud Pfizer for this decision and hope other companies do the same", Trump, who is travelling in Europe, said in a tweet. Trump had promised to lower drug prices as part of his 2016 campaign, and he threatened to use the government's clout to negotiate lower prices. "Great news for the American people!" Trump, on Monday, tweeted said the company should be "ashamed" and vowed an unspecified response.

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Pharmaceutical company shares rose after Trump unveiled his drug pricing blueprint and the administration has not yet taken serious action to lower prices. The drug maker referred to an "extensive discussion" with Trump and explained the deferral is taking place to give him "an opportunity to work on his blueprint to strengthen the health care system and provide more access for patients". The price decreases will remain in effect, according to Pfizer's Tuesday release.

No concrete steps were taken, but Trump predicted that the industry would respond anyway and that there would be "voluntary, massive drops in prices" within two weeks.

Dean Mastrojohn, a Pfizer spokesman, said the company's "price list remains unchanged for the majority of our medicines". But by Tuesday, the company's position changed, as it opted to scrap the increases until at least next year.

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