Bailing Out Pfizer Won’t Lower Drug Prices
President Trump is promising lower drugs prices, but last month’s “deal” between the government and Pfizer is more about funneling patients to Big Pharma’s direct-to-consumer online platforms.
The federal government is about to bail out the pharmaceutical giant Pfizer under the pretext of lowering drug prices. (Win McNamee / Getty Images)
A new agreement between the Trump administration and drug manufacturer Pfizer will exempt the giant from proposed pharmaceutical tariffs in exchange for allegedly cutting price for American consumers. The deal has inspired Trump to declare victory over Pfizer, telling CEO Albert Bourla, “I’m surprised you’re agreeing to this.”
However, on closer inspection, the deal appears to be more of a bailout for Pfizer than the American people, with broad promises of sweeping drug savings that, in typical Trump fashion, are unfounded.
Pfizer and Trump’s team-up came as a reported “blindside” to other pharmaceutical companies facing pressure to fall in line and buddy up with the administration before it imposes additional tariffs.
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