Printer Friendly

PFIZER SAYS AVERAGE PRICE INCREASE ON U.S. PHARMACEUTICALS TO BE UNDER 3 PERCENT FOR 1993

 NEW YORK, Jan. 25 /PRNewswire/ -- Pfizer Inc (NYSE: PFE) said today price increases on its U.S. pharmaceutical products will average less than 3 percent for 1993. The company previously notified trade wholesalers that its 1993 prices would take effect Feb. 1.
 Pfizer's average pharmaceutical price increases in the Unite States have recently been below the Consumer Price Index (CPI). "Our 1993 prices are based on business judgments about competitive conditions, while recognizing a continuing responsibility to balance our obligations to shareholders, employees and patients using our products," said Pfizer Chairman and Chief Executive Officer William C. Steere Jr.
 There will be no price increases on many of the company's major products, and on no individual product will the price increase exceed 4.5 percent. "Our growth will continue to be driven largely by volume -- not price -- increases, as we deliver innovative drugs from our successful research and development program," Mr. Steere added.
 Mr. Steere said Pfizer is concerned about the escalating costs of U.S. health care, and believes that cost containment can be best achieved through reform that strengthens competition in the marketplace. Under this approach:
 -- Government's primary role should be to provide a framework for the efficient functioning of the market, rather than direct regulatory intervention; and
 -- Health reform legislation should expand coverage of outpatient prescription drugs under both private insurance and public programs, including Medicare.
 "Prescription drugs are often the most effective, inexpensive and preferred therapy," said Mr. Steere. "Health reform should enhance access to these products by both expanding third party coverage and discouraging measures that limit access, while providing sufficient incentives for the pharmaceutical industry to continue to develop new drugs for the treatment of cancer, AIDS, Alzheimer's and other serious illnesses.
 "I fully expect that Pfizer and the pharmaceutical industry will continue to participate constructively in the dialogue over the future of our nation's health-care system."
 Pfizer Inc is a research-based, diversified health care company with global operations. The company reported sales of approximately $7.23 billion for 1992.
 -0- 1/25/93
 /CONTACT: A.A. Biesada, 212-573-2055, or Rick Honey, 212-573-2051, both of Pfizer/
 (PFE)


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

CK -- NY050 -- 8425 01/25/93 11:22 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 25, 1993
Words:371
Previous Article:STRIKE CONTINUES AT DOMINO SUGAR CORPORATION BROOKLYN REFINERY
Next Article:LITTLE MISS COPPERTONE TURNS 40 AND CONTEST TO FIND THE NEW LITTLE MISS -- AND LITTLE MISTER -- COPPERTONE BEGINS
Topics:


Related Articles
PFIZER RESEARCH EXPENDITURES TO TOP $1 BILLION IN 1993; COMPANY REVIEWS FOUR NEWS DRUGS IN CLINICAL DEVELOPMENT
STATEMENT ON PFIZER 1992 PHARMACEUTICAL PRICE INCREASES
WYETH-AYERST LABORATORIES RESPONDS TO SENATE AGING COMMITTEE REPORT
STEERE PLEDGES PFIZER'S SUPPORT IN RESHAPING AMERICA'S HEALTH CARE
PFIZER: CHART IN NEW YORK TIMES OVERSTATES PRICE INCREASE FOR PFIZER'S PROCARDIA XL
PFIZER SHAREHOLDERS ARE TOLD COMPANY IS WELL-POSITIONED FOR GROWTH IN CHANGING PHARMACEUTICALS ENVIRONMENT
PFIZER SAYS AVERAGE 1994 PRICE INCREASE WILL BE UNDER 2.5 PERCENT; NO INDIVIDUAL PRODUCT INCREASE WILL EXCEED 3.5 PERCENT
PFIZER'S 'UNDERLYING STRENGTH' LED TO EXCELLENT RESULTS FOR 1993, STEERE REPORTS TO SHAREHOLDERS
PFIZER INC REPORTS SALES AND EARNINGS INCREASES FOR FIRST QUARTER
Global competition and the United States pharmaceutical industry.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters