More than 350 prescription drugs, including vaccines and cancer treatments, are set to see price increases this year, according to a report recently published by Newsmax.
Citing data from healthcare research firm 3 Axis Advisors, Newsmax said the number of announced drug price hikes this year exceeds about 250 recorded last year. Based on list prices that do not reflect rebates or discounts negotiated with pharmacy benefit managers (PBMs), the median increase this year is expected to be 4%, similar to last year.
By company, Pfizer announced the largest number of increases, raising prices on about 80 medications. The affected drugs include the cancer treatment Ibrance, the migraine drug Nurtec, the COVID-19 treatment Paxlovid, and hospital-administered medicines such as morphine and hydromorphone. While most increases remain below 10%, the COVID-19 vaccine Comirnaty is scheduled for a 15% hike. Some low-priced hospital drugs are expected to see prices rise by more than four times.
UK-based drugmaker GlaxoSmithKline (GSK) also said it plans to raise prices on about 20 drugs and vaccines by between 2% and 8.9%. Sanofi and Novartis have likewise signaled upcoming price increases, though they have not disclosed specific rates or products.
U.S. patients currently pay far higher prescription drug costs on average than patients in other advanced economies, with prices for some medicines nearly three times higher. Since the start of his second term last year, President Donald Trump has pressured pharmaceutical companies to lower U.S. drug prices to levels closer to those in other developed countries.
Although the Federal government reached agreements with 14 major drugmakers to cut prices after September last year, companies including Pfizer, GSK, Sanofi, Boehringer Ingelheim, and Novartis have continued to move forward with price increases, contrary to those agreements.
Meanwhile, Boehringer Ingelheim said it plans to cut the list price of its diabetes drug Jardiance and three related treatments by more than 40%.
BY KYEONGJUN KIM [kim.kyeongjun1@koreadaily.com]
