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PFIZER SAYS AVERAGE 1994 PRICE INCREASE WILL BE UNDER 2.5 PERCENT; NO INDIVIDUAL PRODUCT INCREASE WILL EXCEED 3.5 PERCENT

 NEW YORK, Jan. 17 /PRNewswire/ -- Pfizer Inc (NYSE: PFE) said today that its average pharmaceutical price increase for 1994 will be less than 2.5 percent. The increase would be below the 2.8 percent Consumer Price Index for 1994 projected by the Blue Chip Consensus of private market estimates.
 Pfizer also announced that no individual U.S. pharmaceutical product price will increase by more than 3.5 percent for 1994, with many products having no price increase.
 "Due to the rapid growth of managed care and other marketplace factors, health care inflation has dropped significantly," said William C. Steere, Jr., Pfizer chairman and chief executive officer. "It's also clear that fierce price competition is continuing in the pharmaceutical industry. In this environment, Pfizer is striving to meet the needs of patients and our other customers for innovative and cost-effective new medicines."
 Pfizer said that its average pharmaceutical price increase for 1993 was 2.2 percent, marking the third consecutive year in which company price increases have been below the U.S. Consumer Price Index, based on sales volume and including government rebates.
 Mr. Steere added, "Over the past few years, our success has been driven by volume increases and the strong contribution of our new products. We fully expect to continue to succeed in the health care market of the 1990s."
 The company notified wholesalers and pharmacy customers that its 1994 prices were effective January 15.
 Pfizer Inc is a research-based, diversified health-care company with global operations.
 -0- 1/17/94
 /CONTACT: Brian McGlynn of Pfizer, 212-573-2051/
 (PFE)


CO: Pfizer Inc ST: New York IN: MTC SU:

TW -- NY036 -- 1281 01/17/94 11:07 EST
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Publication:PR Newswire
Date:Jan 17, 1994
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