Baldwin questions Pfizer on price increases

Sen. Tammy Baldwin, D-Wis., continues to question one of the world’s largest drug companies on its plans to change drug prices.

Baldwin sent a letter Tuesday in response to an announcement by Pfizer last month that it would be increasing the price of 41 drugs starting next year. She questioned the company about the impact of the price changes as well as why they’re pursuing them.

The company previously rolled back planned price increases after meeting with President Donald Trump. In July, Baldwin called on the company to permanently roll back prices.

“I have heard from countless Wisconsinites who are struggling to afford medications that they have relied on for years as major drug companies continue to systemically raise drug prices with no transparency or accountability,” she wrote. “Leading drug companies’ continued inaction to address rising prices in a serious way is exactly why we need transparency and accountability.”

A spokeswoman for Pfizer confirmed they received the letter and are reviewing it.

In a statement announcing the changes last month, Pfizer noted that it was maintaining list prices for about 90 percent of its medicines. For the 41 products with prices increases, most are going up 5 percent.

Pfizer expects that the increases will be offset by higher rebates and discounts paid to insurers and pharmacy benefit managers that will in turn be shared with patients so they don’t see higher costs.

“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,” Ian Read, Pfizer CEO, said in the statement.

This article first appeared in the Wisconsin Health News daily email newsletter. Sign up for your free trial here.