Drugmakers ring in the new year with higher drug prices
On Tuesday, more than three dozen pharmaceutical companies raised prices on hundreds of drugs in the U.S., and Allergan led the way, raising prices on 27 medicines by just under 10 percent, The Wall Street Journal reports, citing an analysis from Rx Savings Solutions. The average increase in drug list prices was 6.3 percent, and both brand-name drugmakers like Allergan and generics makers like Hikma Pharmaceuticals raised prices well above inflation. Allergan raised prices on about half its drugs, including the Alzheimer's medication Namenda, and Hikma increased prices for morphine, the anesthetic ketamine, and enalaprilat, a drug-pressure drug, the Journal notes.
There is increasing political pressure to tamp down pharmaceutical price hikes, but "the reason it can keep happening is there is no market check, no person or entity to bring reason to determining drug prices," said Michael Rea, CEO of Rx Savings Solutions, which sells software to companies and health plans to help them find the cheapest medicines.
House Democrats are expected to put pressure on drugmakers this year, and the Trump administration has proposed making pharmaceutical companies state their list prices in TV ads. Pfizer announced that it was freezing drug price increases over the summer in response to pressure from the Trump administration, but it will go back to raising prices on 41 of its drugs later this month, the Journal notes.
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.
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
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Today's political cartoons - November 2, 2024
Cartoons Saturday's cartoons - anti-fascism, early voter turnout, and more
By The Week US Published
-
Geoff Capes obituary: shot-putter who became the World’s Strongest Man
In the Spotlight The 'mighty figure' was a two-time Commonwealth Champion and world-record holder
By The Week UK Published
-
Israel attacks Iran: a 'limited' retaliation
Talking Point Iran's humiliated leaders must decide how to respond to Netanyahu's measured strike
By The Week UK Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published