BIG PHARMA MUST SUSPEND SUMMER PRICE INCREASES AMID HISTORIC ECONOMIC UNCERTAINTY FOR MILLIONS OF AMERICANS
Summer is just around the corner, which means Big Pharma’s biennial summer price hikes are almost here. Like clockwork, Big Pharma increases prescription drug prices in two large batches every year.
Last summer, Big Pharma hiked prices on more than 100 prescription drugs by an average of more than 13 percent.
And while millions of American workers, families and seniors are struggling to afford their prescription medications – a fact deeply worsened by the current crisis – Big Pharma continues to rake-in sky-high profits and surpass revenue expectations.
Now, they are set to raise prices again.
If you agree that Americans need relief, not price hikes – join us in urging Big Pharma companies to suspend biennial price hikes this summer.
SIGN THE PETITION TO TELL BIG PHARMA: AMERICANS NEED RELIEF, NOT PRICE HIKES!
Too many Americans were already unable to afford their medications and resorting to dangerous measures like rationing — before the historic economic uncertainty of the current crisis.
During these challenging times, Big Pharma companies should put people before profits and suspend summer price hikes that would increase financial strain and health care uncertainty for millions of American patients and families in the midst of a historic crisis.
GET THE FACTS ON BIG PHARMA’S BIENNIAL PRICE HIKES:
BIG PHARMA’S PRICE-HIKING HISTORY
Every year, Big Pharma companies reliably hike prices in two large batches — including around the start of summer:
January 2020: Big Pharma rang in the new year by hiking prescription drug prices on more than 600 drugs by an average of 5.2 percent.
July 2019: Last July, Big Pharma raised prescription drug prices on 104 drugs by an average of 13.1 percent.
Over Five Years: Over five years, Big Pharma has raised the price of brand name drugs at 10 times the rate of inflation.
CUTTING THROUGH BIG PHARMA’S R&D RHETORIC
Price Hikes Aren’t Connected To Drug Improvements:Drug companies hiked prices on seven popular drugs in 2017 and 2018 withno evidence that the drugs had been improved, resulting in $5.1 billion in increased costs.
Big Pharma Puts Profits Before R&D: Big Pharmaused awindfall from the Tax Cuts and Jobs Act of 2017 to line shareholders’ pockets, rather than invest in R&D.In fact, the single-year increase in payouts to Wall Street and shareholding Big Pharma board members and executives was 17 times larger than the increase in R&D spending.
The Industry Is Thriving While Millions Are Struggling: 12 of the largest Big Pharma companies reported expectation-besting earnings for the first quarter of 2020 after hiking prices on American patients.
