Pfizer’s chief executive officer Ian Read kicked off the month of July 2018 with an announcement that the drugmaker had increased prices on 100 of its most popular brand-name drugs, including Viagra. In the case of the little blue pill, the wholesale price for a single 100-milligram tablet jumped nearly 20 percent, from $73.85 on January 1, 2018, to $88.45 in early July.
Bowing to intense pressure from President Donald J. Trump, Pfizer a few days later agreed to roll back those price hikes until the beginning of 2019 or the rollout of Trump’s blueprint for increasing Americans’ access to health care, including prescription drugs.
However, the steep price hikes still remain on the horizon, and this unexpected jump in Viagra prices would undoubtedly increase the appeal of generic versions of the drug, one of which is marketed by a Pfizer subsidiary.
The rationale for Pfizer’s price hikes is open to speculation. The company is hardly the only drugmaker to sharply increase prices on brand-name products, and it certainly won’t be the last. In the case of Viagra, it could be argued that Pfizer is looking to maximize its profits on the drug before its patent on Viagra runs out in April 2020. For consumers who are convinced that brand-name drugs are superior to their generic equivalents, the higher price probably won’t discourage them from buying the drug.
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