Monday, 21 Jan 2019

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US drug makers raised price on first day of year

No icon Pharmaceuticals

Health Desk-- 4th Jan’19: About 30 pharmaceutical companies raised the prices of hundreds of drugs in the US by an average of 6.3% on January 1, following a year of price freezes.

Earlier in July, Pfizer reversed its planned price hikes in July following pressure from President Donald Trump and many other large drug makers copied.

The percentage increase is higher than the country’s inflation rate. The Wall Street Journal has revealed that Allergan was the first to act.

According to Reuters, in November last year, 28 drug makers submitted plans to California authorities to raise drug prices in a minimum of 60 days; a law was passed in 2018 requiring companies to notify payers of significant increases to the list prices of drugs. The 28 companies include large names such as Novartis, Bayer, GlaxoSmithKline and AstraZeneca.

It is expected the government and legislature in the US will react strongly against these moves. Lowering drug prices was both a priority in President Trump’s presidential campaign, and something he has continued to push for since, and for the Democrats who recently gained control of the House of Representatives.