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posted by martyb on Thursday January 02 2020, @11:43AM   Printer-friendly
from the prepare-for-sharply-worded-letters dept.

More drugmakers hike U.S. prices as new year begins:

NEW YORK (Reuters) - Drugmakers including Bristol-Myers Squibb Co (BMY.N), Gilead Sciences Inc (GILD.O), and Biogen Inc (BIIB.O) hiked U.S. list prices on more than 50 drugs on Wednesday, bringing total New Year’s Day drug price increases to more than 250, according to data analyzed by healthcare research firm 3 Axis Advisors.

Reuters reported on Tuesday that drugmakers including Pfizer Inc (PFE.N), GlaxoSmithKline PLC (GSK.L) and Sanofi SA (SASY.PA) were planning to increase prices on more than 200 drugs in the United States on Jan. 1.

Nearly all of the price increases are below 10% and the median price increase is around 5%, according to 3 Axis.

More early year price increases could still be announced.

Soaring U.S. prescription drug prices are expected to again be a central issue in the presidential election. President Donald Trump, who made bringing them down a core pledge of his 2016 campaign, is running for re-election in 2020.

[...] 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.


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  • (Score: 0) by Anonymous Coward on Thursday January 02 2020, @12:40PM (3 children)

    by Anonymous Coward on Thursday January 02 2020, @12:40PM (#938572)

    The rich will still be able to afford them.

  • (Score: 0) by Anonymous Coward on Thursday January 02 2020, @01:42PM (2 children)

    by Anonymous Coward on Thursday January 02 2020, @01:42PM (#938592)

    How is inflation anything like 5-10%? Best I could get was Cost of Living allowance of about 2%.
    Not a big fan of regulation, but these drug lords (big pharma) need to be corralled somehow.

    • (Score: 2) by RS3 on Thursday January 02 2020, @03:03PM

      by RS3 (6367) on Thursday January 02 2020, @03:03PM (#938625)

      I and most people feel that way, but nobody seems to be able to stop the tide. The argument is that any kind of economic control will "stifle innovation".

      So innovation is only driven by greed?

      My mind is awash in ideas; none are a solution.

      In other news, it's been shown that Tylenol reduces empathy. We need something that increases empathy, and put it in all food and water. Well, after we've fed drug company boards of directors to wild coyotes.

    • (Score: 2) by All Your Lawn Are Belong To Us on Friday January 03 2020, @02:57PM

      by All Your Lawn Are Belong To Us (6553) on Friday January 03 2020, @02:57PM (#939072) Journal

      That sounds about right given BLS Data [bls.gov] for the CPI-U. A ten year average of January prices shows 1.78% (one year had a -0.1% change and the base year of 2008 had 0% growth).

      The things you're missing, though, is that this is the rate for all industries. If your electricity bill goes up by 4% are you going to say they're gouging you? If gas prices go from $2.50 per gallon to $2.62 is this cause for panic? (It ain't great, true, but if the price did that over a year would you be up in arms?)

      I'm not trying to shill for the pharm companies here. The truth though is we really don't know what went into those rises. Maybe they're compensating for all the drugs they have to discount to insurance companies so beneficiaries get $0 copay on them. Maybe the CEO needs a new yacht. Questions can and certainly should be asked, but presupposing the answers is just as wrong.

      --
      This sig for rent.