Pfizer's Chairman and CEO Ian Read yesterday announced that the pharma company will defer price increases that were effective on July 1 to give the president an opportunity to work on his blueprint to strengthen the healthcare system and provide more access for patients.

Pfizer, one of the largest pharmaceutical companies, said it would return drug prices to their pre-July 1 levels as soon as technically possible.

The rollback came a day after Trump took aim at Pfizer and other US drugmakers for raising prices on some of their medicines, saying in a tweet that they should be ashamed that they have raised drug prices for no reason. They are merely taking advantage of the poor & others unable to defend themselves." 

Trump, who is currently in Brussels to attend the NATO Summit, welcomed Pfizer's move to roll back prices.

"We applaud Pfizer for this decision and hope other companies do the same. Great news for the American people! he tweeted.

Trump, who made lowering prescription drug prices a top 2016 presidential campaign issue, spoke over the phone with Pfizer CEO Ian Read and the Health and Human Services Secretary Alex Azaron their drug pricing blueprint.

"Pfizer is rolling back price hikes, so American patients don't pay more, Trump tweeted after the New York-headquartered pharma company announced to roll back its recent increase in certain drug prices.

Pfizer said it would defer price increases until the end of the year or until the president's drug pricing blueprint goes into effect - whichever is sooner. "Pfizer shares the president's concern for patients and commitment to providing affordable access to the medicines they need, Read said in a statement.

The most fundamental way the biopharmaceutical industry creates value is by discovering innovative medicines that help people live longer, healthier, more productive lives," he said. Pfizer had raised list prices on around 40 medicines earlier this month and had recently committed USD 5 billion of capital to expand its manufacturing in the US.

We are encouraged that the President recognises the value our industry brings to society and our ability to fulfil our mission to discover and bring innovative new medicines to patients, Read said.