Pfizer Opposes Trump's Drug Price Reduction Order, Citing "Pharmaceutical Industry Chaos" (Comprehensive)

Albert Bourla Pfizer CEO "Reconsidering US Market Expansion"
President Trump Tweets "Will Lower Drug Prices by 50%"
COVID-19 Spread Worsens in US Midwest, "2000 Cases Daily in Tennessee"

[Image source=AP Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] The CEO of the American pharmaceutical company Pfizer has opposed U.S. President Donald Trump's executive order to lower drug prices. He directly criticized that it would worsen the situation of pharmaceutical companies that should be fully committed to developing COVID-19 vaccines and treatments, causing delays in development. In the U.S., concerns are rising again as the number of patients rapidly increases, especially in the central regions where the spread of COVID-19 had not been severe until now.

According to foreign media such as CNBC on the 28th (local time), Albert Bourla, Pfizer CEO, said during a conference call, "I am generally disappointed with President Trump's executive order to lower drug prices," adding, "Pharmaceutical companies that should be fully focused on developing COVID-19 vaccines and treatments will inevitably be distracted and may fall into great confusion due to concerns over deteriorating profitability." He further warned, "If the executive order is implemented, it will be difficult to invest in research and development (R&D) in the U.S., and plans to expand the U.S. market will also be reconsidered."

Earlier, President Trump signed an executive order to lower drug prices. According to the executive order, the U.S. government can demand pharmaceutical companies to reduce supply prices based on contracts with other countries that are cheaper than the prices supplied domestically. Regarding this, President Trump specified on his Twitter that he would "lower drug prices by up to 50%." However, the implementation of the executive order has been postponed until the 25th of next month to allow discussions and alternatives with each pharmaceutical company.

CEO Bourla emphasized, "We have no intention of selling cheaper than in any developed country, including the U.S.," and added, "The vaccine supply price will be determined by market demand and vaccine efficacy." Previously, Pfizer signed a contract with the U.S. government to supply 100 million doses of the COVID-19 vaccine for a total of $1.95 billion, setting the supply price at $39 per person, considering two doses per person for antibody formation.

As the vaccine price dispute between the Trump administration and pharmaceutical companies shows signs of intensifying, the COVID-19 situation in the U.S. is worsening. On the same day, Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases (NIAID), warned of the possibility of another pandemic in an interview with ABC News, saying, "The spread is intensifying in central regions such as Tennessee, Ohio, Indiana, and Kentucky," and "Tennessee had about 750 daily cases until last month, but on the 27th, more than 2,000 cases were reported."

According to the COVID-19 statistics site Worldometer, 61,775 new confirmed cases were reported in the U.S. on the day. The cumulative confirmed cases reached 4,433,614, and deaths totaled 151,075.

This content was produced with the assistance of AI translation services.