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Pfizer announced on Tuesday it would postpone drug price hikes after an "extensive" conversation between the company's CEO and President Donald Trump.
"Pfizer shares the President’s concern for patients and commitment to providing affordable access to the medicines they need,” Pfizer CEO Ian Read said in a statement.
The company said it would defer price increases, effective July 1, to give Trump "an opportunity to work on his blueprint to strengthen the healthcare system and provide more access for patients."
Drug prices will return to the levels they were prior to July 1 as soon as possible, according to Pfizer. The prices will remain at those lower levels until the end of the year, or until Trump's health-care plan goes into effect — whichever comes sooner.
Trump praised Pfizer's decision on Twitter.
"We applaud Pfizer for this decision and desire other companies do the same," Trump said in a tweet.
On Monday, Trump took aim at Pfizer and other U.S. drugmakers after they raised prices on some of their medicines on July 1, saying his administration would act in response.
Read the full statement from Pfizer below: