Pfizer CEO Warns German Investments at Risk Over Drug Price Policies
Impact of German Drug Price Policies on Pharmaceutical Investments
By Maggie Fick, Bhanvi Satija and Patricia Weiss
Pfizer's Review of Investment Plans
LONDON/FRANKFURT, June 10 (Reuters) - Pfizer is reviewing the timing and scope of planned investments in Germany, CEO Albert Bourla said in a letter to Chancellor Friedrich Merz, citing the government's policy proposals that would lower drug prices.
The letter, dated June 9 and seen by Reuters on Wednesday, was first reported by German business newspaper Handelsblatt.
Concerns Over Investment Predictability
Bourla wrote that the proposals call into question the predictability required for the pharmaceutical industry's long-term investment decisions.
Potential Changes in Pfizer's Engagements
"As a result, we are reviewing our external engagements as well as the timing, scope, and future prioritization of certain planned investments in Germany," the letter read.
Broader Industry Response
It comes the week after U.S.-based Eli Lilly said it would halve its $2.3 billion investment in Germany and German drugmaker Boehringer Ingelheim scrapped its €900 million plans, both citing the government's planned healthcare cost-cutting measures.
(Reporting by Maggie Fick and Bhanvi Satija in London, and Patricia Weiss in Frankfurt. Editing by Andrew Heavens and Mark Potter)
