WASHINGTON, DC – Ahead of Pfizer’s plan to raise the prices of 41 drugs tomorrow, Patients For Affordable Drugs released a new report that examines the toll Pfizer’s price hikes have on patients, explores Pfizer’s history of price increases, and demonstrates how Big Pharma executives are rewarded for hiking prices.
“Pfizer could be a leader in addressing a national priority and lower prices of its existing drugs,” said David Mitchell, a cancer patient and the founder of Patients For Affordable Drugs. “Instead, former CEO Ian Read was no different than Martin Shkreli and other greedy executives who abuse the system to increase profit off old drugs while hurting patients and taxpayers.”
In response to the findings of today’s report, Patients For Affordable Drugs is asking Pfizer to lower prices on existing drugs by 1 percent in each of the next three years. It calls on Pfizer to increase its revenue by introducing innovative drugs instead of hiking the prices of old ones.