Prescription drug company Pfizer plans to increase prices on 41 different prescription drugs, Stocks Beat reported. The increases involve some of the most commonly prescribed drugs like Lyrica, which will see a 9% increase, and Viagra, which will increase in cost by 13%. This comes just months after President Trump openly talked about his opposition to any drug prices increases during a speech this past summer. Pfizer initially backed off plans to increase prices.
The increases are expected for the advertised prices. These may vary from what insurers pay. Outgoing CEO Ian Reed released the following statement:
"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."
The price hike is expected to go into effect on January 15.