Pfizer to raise drug prices beginning in January

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Drug manufacturer Pfizer said it plans to hike drug prices in January.

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

The pharmaceutical giant says one drug will go up by nine percent, three others will rise three percent, and the others will see a five percent hike.

The affected medicine represents 10 percent of Pfizer's drug portfolio.

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