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Pfizer to raise drug prices in January

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Posted at 2:01 AM, Nov 20, 2018
and last updated 2018-11-20 02:01:25-05

Pfizer will increase the prices of 41 drugs in January, months after it agreed to hold off on raising prices following pressure from President Trump.

The pharmaceutical giant reports the price of one drug will go up by 9%, three others will rise by 3% and others will see a 5% hike.

The impacted medicines represent 10% of Pfizer's drug portfolio.

The company reports the price hikes will be offset by higher rebates and discounts offered by pharmacies and insurance companies.

President Trump has been calling for prescription drug prices to be lowered.

He criticized Pfizer back in July for considering a price hike.

Pfizer previously said its agreement to hold off on a price hike was temporary.

The White House hasn't yet commented on this most recent annoucement.