US drug prices to soar reports Reuters

▴ Pfizer,Glaxo Smith Kline, & Sanofi Logo
US to experience rise in the price of major drugs as major companies increases their price

Drugmakers including Pfizer Inc , GlaxoSmithKline PLC  and Sanofi SA  are planning to hike U.S. list prices on more than 200 drugs in the United States on Wednesday, according to drugmakers and data analyzed by healthcare research firm 3 Axis Advisors.

Nearly all of the price increases will be below 10%, and around half of them are in the range of 4 to 6%, said 3 Axis co-founder Eric Pachman. The median price increase is around 5%, he said.

More price increases are expected to be announced later this week, which could affect the median and range.

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.

Many branded drugmakers have pledged to keep their U.S. list price increases below 10% a year, under pressure from politicians and patients.

Drugmakers often negotiate rebates on their list prices in exchange for favorable treatment from healthcare payers. As a result, health insurers and patients rarely pay the full list price of a drug.

Pfizer will hike prices on more than 50 drugs, including its cancer treatment Ibrance, which is on track to bring in nearly $5 billion in revenue this year, and rheumatoid arthritis drug Xeljanz.

Pfizer spokeswoman Amy Rose confirmed the company’s planned price increases. She said the company plans to increase the list prices on around 27% of its portfolio in the United States by an average of 5.6%.

Of the medicines with increases, she said 43% of them are sterile injectibles, and many of those increases are less than $1 per product.

Glaxo Smith Kline said it will raise prices on more than 30 drugs. The company will raise prices on the blockbuster respiratory treatments it delivers through its Ellipta inhaler, its recently acquired cancer drug Zejula and on several products in its HIV-focused ViiV joint venture, according to 3 Axis Advisors. Price increases ranged between 1% and 5%.

Sanofi said it will raise prices on around 10 of its drugs, with hikes ranging between 1% and 5%. The drugmaker noted the increases are in line with its commitment to not raise prices above medical inflation.

Teva Pharmaceutical Industries Ltd  raised prices on more than 15 drugs, in some cases by more than 6%, according to 3 Axis Advisors. A Teva spokesperson said the company regularly reviews prices in the context of market conditions, availability and cost of production.

3 Axis advises pharmacy industry groups on identifying inefficiencies in the U.S. drug supply chain and has provided consulting work to hedge fund billionaire John Arnold, a prominent critic of high drug prices.

Tags : #drug #price #increase #pifizer #flaxosmithkline #sanofi #medicircle

Related Stories

Loading Please wait...

-Advertisements-




Trending Now

The Role of Genetic Profiles in Alzheimer’s Therapy: APOE4 and Treatment ResponsesMay 08, 2024
Assessing Covishield Safety: Indian Research Offers Reassurance Amidst Rare Side Effect DiscussionsMay 08, 2024
Quadria Capital Invests $102 Million in NephroPlus to Boost Dialysis Services Across AsiaMay 08, 2024
Reducing Stigma, One Story at a Time: Media's Role in Mental HealthMay 07, 2024
When Your Body Makes Beer: Exploring the Curious Case of Auto-Brewery SyndromeMay 07, 2024
Hair Today, Gone Tomorrow: Why Guys Go Bald Before Marriage May 07, 2024
Menopausal Transitions and Mental Health: UCL Study Highlights Increased Depression RiskMay 07, 2024
Vasavi Club of Buddhapurnima organised #GoVote, a vote awareness driveMay 06, 2024
Vasavi Club of Buddhapurnima organised #GoVote, a vote awareness driveMay 06, 2024
Harnessing AI for Early Alzheimer's Disease Diagnosis: IIT Indore's BreakthroughMay 06, 2024
Aurobindo Pharma's Bhiwadi Facility Under FDA Scrutiny: Understanding the ObservationsMay 06, 2024
Exploring the Role of Mediator Protein Complex in Cell Division: Implications for Disease ManagementMay 06, 2024
Akshay Tritiya Parna Mahotsav is to be held in the cityMay 04, 2024
Bharti Singh's Battle with Gallstones: Symptoms, Precautions, and Natural RemediesMay 04, 2024
Empowering Women's Health: New Mammogram GuidelinesMay 04, 2024
Rising Temperatures, Rising Risks: Addressing the Challenges of Heat StressMay 04, 2024
Gynoveda, India's First Ayurveda Fertility Company, Expands Reach with New Clinic in Pune, Set to Open 100 Clinics Across India by 2027May 03, 2024
Aptus Value Housing Finance India Limited, a leading Housing Finance Company has declared its financial results for the year ended March 31, 2024. FY 24 ResultsMay 03, 2024
TIPS FOR PREGNANCY CARE DURING SUMMERMay 03, 2024
The deadly intersection: TB and tobacco smoking co-epidemics in Indonesia Dr TARA SINGH BAM – CNSMay 03, 2024