“Soaring U.S. prescription drug prices are expected to again be a central issue in the presidential election. ” – REUTERS
Rx price increases are well above rate of inflation
Ars Technica – Leading drug makers rang in the new year by once again raising list prices of their drugs—this time on more than 250 of them, according to an analysis reported by Reuters.
Data examined by healthcare research firm 3 Axis Advisors found that major drug makers including Pfizer Inc, GlaxoSmithKline PLC, and Sanofi SA, Bristol-Myers Squibb Co, Gilead Sciences Inc, and Biogen Inc hiked prices this week.
The larger price tags applied to a range of medications, from blood thinners to cancer therapies and treatments for respiratory conditions, HIV, arthritis, and multiple sclerosis.
Nearly all of the increases were below 10 percent, according to the 3 Axis analysis. So far, the median price increase is around 5 percent, though additional price increases could still be announced.
Pricing hikes of less than 10 percent are relatively low; drug makers have made headlines in recent years with abrupt, eye-popping increases, such as 879 percent and an infamous hike of more than 5,000 percent. Read more.
“The United States, which leaves drug pricing to market competition, has higher prices than in other countries where governments directly or indirectly control the costs, making it the world’s most lucrative market for manufacturers.” – REUTERS
More drugmakers hike U.S. prices as new year begins
- Pfizer, GlaxoSmithKline, and Sanofi announced plans to increase prices on more than 200 drugs in the United States on Jan. 1.
- Bristol-Myers raised the price on multiple myeloma drug, Revlimid, 6%.
- Biogen price increases included a 6% price hike on multiple sclerosis treatment Tecfidera. Read more.
MORE OF TODAY’S TOP HEALTH NEWS: