Drugmakers to raise prices on at least 350 drugs this month

A Trump-era rule sought to impose a “most favored nation” status on the prescription drug industry. It mandated that drug companies could not charge American citizens more than what’s charged in other countries for the same medicine. Currently, Americans “subsidize” the rest of the world’s drugs by paying far more for many prescriptions than what foreigners pay in other countries. Some drugs that cost hundreds of dollars here are sold for pennies elsewhere. The Trump rule was never enacted.

The following is a relevant excerpt from Reuters.

Drugmakers including Pfizer Inc (PFE.N), GlaxoSmithKline PLC (GSK.L), Bristol Myers Squibb (BMY.N), AstraZeneca PLC (AZN.L) and Sanofi SA (SASY.PA) plan to raise prices in the United States on more than 350 unique drugs in early January, according to data analyzed by healthcare research firm 3 Axis Advisors.

The increases are expected to come as the pharmaceutical industry prepares for the Biden Administration’s Inflation Reduction Act (IRA), which allows the government’s Medicare health program to negotiate prices directly for some drugs starting in 2026.

The industry is also contending with inflation and supply chain constraints that have led to higher manufacturing costs.

The increases are on list prices, which do not include rebates to pharmacy benefit managers and other discounts.

In 2022, drugmakers raised prices on more than 1,400 drugs according to data published by 46brooklyn, a drug pricing non-profit that is related to 3 Axis.

That is the most increases since 2015.

Drugmakers largely have kept increases at 10% or below – an industry practice followed by many big drugmakers since they came under fire for too many price hikes in the middle of the last decade.

To date, Pfizer announced the most increases, with prices rising on 89 unique drug brands, and an additional increase on 10 drug brands at its Hospira arm.

That was followed by GSK, with planned increases so far on 26 unique drugs, including nearly a 7% increase on its popular shingles vaccine Shingrix.

Increases for Pfizer include a 6% rise on the cost of Xeljanz, a treatment for autoimmune diseases including rheumatoid arthritis and ulcerative colitis, and 7.9% increases on cancer drugs Ibrance and Xalkori.

A Pfizer spokesperson said in an email that the company’s average list prices for drugs and vaccines in 2023 are well below overall inflation at approximately 3.6%, noting that the increases are needed to support investments in drug discovery. (Continued…)

Read more here.

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6 thoughts on “Drugmakers to raise prices on at least 350 drugs this month”

  1. Oh, the poor things…. A cut in their profits because of the ? given to politicians, negotiators & rebates….
    Cut the damn prices, make a reasonable amount and move on…
    Instead we get this nonsense where more of us will have to decide what to buy: food or medication….
    As for the rhino’s and demon-rats… They get their meds for no cost to them, but for us? Sorry, suckers…

    1. JmjFJB,

      In the late-Nineties, the FDA
      had allowed the Medical Mafia
      to market drugs tested not
      for actual efficacy—but just
      demonstrating any PLACEBO

      Also, in the late-Nineties “our”
      Congress had passed a law
      allowing the DoD to secretly
      test bio-weapons on the
      citizenry (( after which passage,
      talk-show host Art Bell had
      declared : “I’ll never trust our
      government again!” )).

      And the madness continues :



  2. Impose a New Windfall Tax…Due to Modern Time economics Preditory ongoing Inflation’s, Corruption caused by Vladimir putin’s greed on Worlds economies and ongoing China Viruses and other Viruses inflicting prices = Economic’s inflation Prostituition’s of all Good’s ? I’m surprised more lawmakers has not got the Intellegence to see through all this and take counter measures in past 3 years both in all parties ?
    ” What you need to know is this is why we have lawmakers and a Federal politicians as well as the United Nation’s to counter the greedy actions of a Few bad actors windfall’s ??? I’d get every States Indiana Attorney Generals involved as well , because these types of actions inflicts States economies in the long Run ?

  3. Be prepared for even more of those nauseating, weird named drug commercials.

    The repeatings will continue until sales improve.

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