May 12, 2023

Pfizer CEO Comment on Drug Price Negotiation Reflects Industry Greed, Arrogance and Disregard for Patients

The following statement was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans, regarding Pfizer CEO Albert Bourla’s statement that the federal government’s plans to negotiate drug prices for Medicare amount to “negotiation with a gun to your head” and that he expects drugmakers to sue to block the law.

“This week the CEO of Pfizer, Albert Bourla, threw a temper tantrum and compared having to negotiate a fair price with Medicare for a small fraction of the drugs his corporation produces to an act of gun violence.

“Perhaps he is still angry that despite the nearly $15 million they spent on lobbying in 2022 Congress finally said ‘Enough’ and put the needs of patients ahead of corporate profits.

“As a result of the Inflation Reduction Act, Pfizer and its industry partners will no longer be able to charge the Medicare system and older Americans as much as they want for the drugs they need to stay healthy.

“Bourla’s comments are also outrageously hypocritical. Negotiating prices for prescription drugs is not new to Pfizer. Governments around the world negotiate drug prices on behalf of their citizens every day, as do insurance companies. In the United States, the Departments of Defense and Veterans Affairs, as well as the Medicaid program, already negotiate prices with Pfizer and the rest of the industry.

“The Inflation Reduction Act extends this power to Medicare, and once implemented will save taxpayers and patients $25 billion. Even Bourla acknowledged that the law will help patients pay for the drugs they need.

“On behalf of the 4.4 million members of the Alliance for Retired Americans, we call on Pfizer to stop crying crocodile tears and realize that Americans who pay the highest drug prices in the world are finally getting relief thanks to a common sense drug negotiation law.”

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Contact: David Blank, dblank@retiredamericans.org