PFIZER TO CUT LIPITOR PRICE IN SOUTH AFRICA

South Africa's largest insurance provider, Discovery Health, has persuaded Pfizer to cut the price of its cholesterol drug Lipitor by almost 5 percent, the Johannesburg, South Africa-based Business Day reports.

The move shows how medical insurers can use their purchasing power to lobby drug suppliers to lower their prices, according to the article in Business Day. Last year Discovery negotiated to cut the price of the arthritis drug Revellex by 17.5 percent.

The price cut runs counter to the current industry trend, which has seen Pfizer and other drugmakers seek permission from South African authorities to increase prices by more than 5 percent, according to the newspaper.

The price of a 30-day supply of 10-mg Lipitor (atorvastatin calcium) tablets will go from approximately $22.29 to roughly $21.23, a 4.7 percent drop, Business Day reports.