Pfizer delayed a series of planned price increases as President Donald Trump criticized the company in a tweet. Pfizer CEO Ian Read spoke to CNBC on what happened after the tweet.
Here's what you should know:
1. Following the President's tweet and before Mr. Reed spoke to President Trump, Pfizer decided to roll back its planned price increases.
2. Mr. Reed said to CNBC Pfizer made the decision because, "we wanted to have a positive relationship with the Hill and administration as we go through this blueprint."
3. President Trump introduced a blueprint to lower drug prices in May. The proposal takes several approaches to accomplish this including: changing the drug rebate system and negotiating with drug companies on price.
4. Mr. Reed believes President Trump's blueprint can be successful, because it'll allow Pfizer to increase patient-access to its drugs.
5. Mr. Reed hypothesized the Trump administration could eventually end up eliminating drug rebates as a whole. If he does pharmacy benefit managers and distributors will feel the effects.