Why your prescription meds have inexplicably gotten more expensive
If there's a sudden increase in the cost of your prescription medication, behind-the-scenes deals could be the culprit.
A new investigation from The Wall Street Journal found that when drug companies see prescription drugs as "undervalued," they buy them out, only to drastically increase the prices. The investigation found increased costs whether or not the products were improved after the buyouts.
The Journal cites Valeant Pharmaceuticals International Inc.'s recent purchase of two heart medications as an example. The same day Valeant bought the drugs, their list prices increased by 525 percent and 212 percent, though nothing about the prescriptions had been changed.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
It's easy to see why companies rack up the prices — they can increase their bottom line without spending money on research into new medicines. According to the Journal, name-brand drug prices have increased by 127 percent since 2008. Company spokespeople told the Journal that higher drug prices create funding for medical research, though doctors expressed frustration at the trend. Read the full report over at The Wall Street Journal.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Meghan DeMaria is a staff writer at TheWeek.com. She has previously worked for USA Today and Marie Claire.
-
Orkney's war on stoats
In the Spotlight A coordinated stoat cull on the Scottish islands has proved successful – and conservationists aren't slowing down
By Abby Wilson Published
-
Quiz of The Week: 26 October - 1 November
Have you been paying attention to The Week's news?
By The Week Staff Published
-
The Week Unwrapped: Should we talk to the voices in our heads?
Podcast Plus Macron charms Morocco, and do Americans really work harder than the rest of us?
By The Week Staff Published
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstances
Speed Read
By Peter Weber Published
-
Western mountain climbers allegedly left Pakistani porter to die on K2
Speed Read
By Justin Klawans Published
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governor
Speed Read
By Peter Weber Published
-
Los Angeles city workers stage 1-day walkout over labor conditions
Speed Read
By Justin Klawans Published
-
Mega Millions jackpot climbs to an estimated $1.55 billion
Speed Read
By Catherine Garcia Published
-
Bangladesh dealing with worst dengue fever outbreak on record
Speed Read
By Catherine Garcia Published
-
Glacial outburst flooding in Juneau destroys homes
Speed Read
By Catherine Garcia Published
-
Scotland seeking 'monster hunters' to search for fabled Loch Ness creature
Speed Read
By Justin Klawans Published