Drug Prices Still Jumped Four Times The Rate Of Inflation Despite Public, Congressional Outrage Over Increases
On Monday, 104 brand-name and generic drug prices rose by a 13.1% on average, compared to a 7.8% average increase for 318 products a year earlier. "It’s hard to imagine what [drugmakers] are thinking," said one drug industry analyst. "Keeping your head down would seem to be a much better strategy."
The Wall Street Journal:
Drugmakers Push Their Prices Higher
Drugmakers initiated a new round of price increases on their products Monday, with some of them affecting generic hospital-administered injectable drugs that are in short supply. B. Braun Medical Inc. recorded the most increases, raising the price of more than a dozen drugs, many of which are used by hospitals. B. Braun increased the price of antibiotic cefazolin by 50% to more than $9 a package. That drug, which has been around for decades, is now in short supply like several other antibiotics, according to the U.S. Food and Drug Administration. (Hopkins, 7/1)
Politico:
Drug Prices Persistently Rising Despite Trump Efforts
Prescription drug prices jumped 10.5 percent over the past six months, more slowly than during the same period last year but still four times faster than inflation, despite increasing pressure on drugmakers from the Trump administration and Congress. However, the top drug brands in the U.S. saw prices rise by an average of only 3.1 percent over the past six months according to Bernstein analysts, who calculated the average based on which brands — usually the top-sellers — they cover. (Owermohle, 7/1)
CBS News:
Drug Prices 2019: Manufacturers Hiked Prices On 3,400 Drugs At An Average Increase Of 5 Times Inflation
The price increases come at a time when lawmakers and consumers are increasingly concerned about the escalating cost of medications, which are far outpacing wage growth and the cost of living. Four of 5 Americans believe the cost of prescription drugs is unreasonable, according to a study earlier this year from the Kaiser Family Foundation. About one-third of patients say they're skipping prescription medicine because of the cost, the survey found.(Picchi, 7/1)
In other pharmaceutical news —
Stat:
Lawmakers Seek More Info On FDA Plant Inspections In China, India
Amid ongoing interest among Americans to import drugs from other countries as well as continuing concern about a spate of recalled blood pressure medicines manufactured overseas, House and Senate lawmakers have asked the FDA to explain how it protects the pharmaceutical supply chain. At the same time, a bipartisan group from the House wants the Government Accountability Office to review the FDA inspection program. In separate letters sent late last week, the lawmakers cited recent news reports about ongoing manufacturing problems at companies in China and India, which account for the majority of the active pharmaceutical ingredients used in medicines that are shipped to the U.S. (Silverman, 7/1)
