Oct 30, 2018

Pfizer will go back to regular drug price hikes

Pfizer expects drug pricing will be "business as normal" in 2019. Photo: Spencer Platt/Getty Images

Pfizer CEO Ian Read told Wall Street today the company's drug pricing strategy will be "business as normal" next year, just months after Read spoke with President Trump and agreed to temporary delays of recent drug price hikes. Pfizer reported a $4.1 billion profit in the third quarter, a 45% increase from the same time last year.

Reality check: The Trump administration hailed Pfizer's move this summer as a "major win for American patients." But the company's decision to return to the status quo shows both sides were looking to score political points, and patients won't see meaningful changes to their drug prices in the near term.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 640,589 — Total deaths: 29,848 — Total recoveries: 137,270.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 2 p.m. ET: 112,468 — Total deaths: 1,841 — Total recoveries: 918.
  3. Federal government latest: President Trump is considering a quarantine on New York, parts of New Jersey and Connecticut. He signed a $2 trillion coronavirus stimulus bill to give businesses and U.S. workers economic relief.
  4. State updates: A group of Midwestern swing voters that supported President Trump's handling of the coronavirus less than two weeks ago is balking at his call for the U.S. to be "opened up" by Easter. Alaska is latest state to issue stay-at-home order — New York is trying to nearly triple its hospital capacity in less than a month. New York moved its presidential primary to June 23, Gov. Andrew Cuomo said Saturday.
  5. World updates: Italy reported 969 coronavirus deaths on Friday, the country's deadliest day. In Spain, over 1,300 people were confirmed dead between Thursday to Saturday.
  6. 🚀 Space updates: OneWeb filed for bankruptcy amid the novel coronavirus pandemic.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancing.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Trump considers quarantine for states near epicenter of U.S. coronavirus outbreak

President Trump speaks to the press on March 28 in Washington, DC. Photo: Sarah Silbiger/Getty Images

President Trump said on Saturday he is considering a "short term" quarantine of New York, New Jersey and parts of Connecticut — areas congruent with the New York metro area, the epicenter of the novel coronavirus in the U.S.

Reality check: These states have already taken steps to quarantine residents and promote social distancing to combat COVID-19. The governors of New York and New Jersey issued statewide stay-at-home orders last week, and non-essential businesses in Connecticut were ordered to close as of this Monday.

New York is latest state to delay primary due to coronavirus

Photo: Barbara Davidson/Getty Images

New York — the epicenter of the coronavirus outbreak in the U.S. — has moved its presidential primary to June 23, Gov. Andrew Cuomo said on Saturday.

Why it matters: 23 other states and the District of Columbia haven't held primaries yet. The White House is recommending, for now, that Americans practice social distancing and gather in groups of no more than 10 people — while many states have issued stay-at-home orders.

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