Pfizer announced on Tuesday it was postponing its price hikes on certain drugs after criticism from President Trump Donald John TrumpBiden on Trump's refusal to commit to peaceful transfer of power: 'What country are we in?' Romney: 'Unthinkable and unacceptable' to not commit to peaceful transition of power Two Louisville police officers shot amid Breonna Taylor grand jury protests MORE, who earlier in the week blasted the company for raising costs of certain products.

"Following an extensive discussion with President Trump today, Pfizer’s Chairman and CEO Ian Read announced that it will defer the company’s price increases that were effective on July 1 to give the president an opportunity to work on his blueprint to strengthen the healthcare system and provide more access for patients," the company said in a statement.

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Pfizer added that it "will return these prices to their pre-July 1 levels as soon as technically possible, and the prices will remain in effect until the earlier of when the president’s blueprint goes into effect or the end of the year — whichever is sooner."

Earlier on Tuesday, Trump took to Twitter to tout the decision.

"Pfizer is rolling back price hikes, so American patients don't pay more," Trump tweeted. "We applaud Pfizer for this decision and hope other companies do the same. Great news for the American people!"



Pfizer, one of the world's largest drugmakers, raised the list prices for more than 100 of its prescription drugs on July 1.

Trump tweeted Monday that Pfizer "should be ashamed" for raising drugs prices "for no reason" and "taking advantage of the poor."