Pfizer to increase prices of 41 drugs starting in January

Pharmaceutical giant Pfizer now says it will increase the prices of 41 drugs in January.

The hike is happening months after the company agreed to hold off on raising prices following heavy pressure from President Trump.

The pharmaceutical giant says one drug will go up by nine percent, three others will rise three-percent, and the others will see a five-percent hike.

The affected medicine represents ten percent of Pfizer's drug portfolio.

The company says the price hikes will be offset by higher rebates and discounts offered by pharmacies and insurance companies.

President Trump has long called for prescription drug prices to be lowered, and he criticized Pfizer back in July for considering a price hike.

Pfizer previously said its agreement to hold off on a price hike was temporary.