After President Donald Trump publicly criticized Pfizer's decision to raise the price of 41 of its drugs, the company announced it would delay the increase, the Chicago Tribune reports.
Here's what you should know:
1. The company is postponing the increases until the beginning of 2019. Pfizer said they were delaying the increases, "to give the president an opportunity to work on his blueprint to strengthen the healthcare system and provide more access to patients."
2. President Trump tweeted July 9, "Pfizer & others should be ashamed that they have raised drug prices for no reason." He then said Pfizer was taking advantage of the poor.
3. After the associated public outcry, Pfizer said it would delay the increases. President Trump then applauded Pfizer through another tweet.
4. Pfizer initially defended the increases, saying they wouldn't raise consumer prices.
5. Mr. Trump has pledged several times to get drug companies to lower their prices. To date, none of the actions have come to fruition. Although Pfizer is delaying increasing its prices, it has not lowered any of its drug prices.
6. CMS Administrator Seema Verma issued a statement lauding the administration's action to lower prices. She said, "Pfizer’s announcement to scale back their recent price increases is a win for all Americans. At CMS, we will continue to increase competition, strengthen negotiations and lower costs for Medicare and Medicaid beneficiaries."