Both before and after he became president, Donald Trump has talked about reducing drug prices, though he has rarely offered much in the way of details about how he’d do it. This week he singled out Pfizer, the massive pharmaceutical conglomerate, for a little Twitter abuse:
Pfizer & others should be ashamed that they have raised drug prices for no reason. They are merely taking advantage of the poor & others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe & elsewhere. We will respond!
— Donald J. Trump (@realDonaldTrump) July 9, 2018
Soon after the tweet, Pfizer’s stock price took a minor hit. After a brief phone call with the president yesterday, the CEO bowed to political pressure and rolled back many of the company’s price increases.
It might be tempting to praise Trump for that, but presidential bullying really isn’t the best solution