Tracking Data Finds Drug Companies Increased Prices On at Least 67 Brand Name Drugs This Summer Despite Economic Crisis and Rising Concern With Rx Affordability
For Immediate Release
Contact: Jon Conradi
Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) released a statement Thursday on updated data showing Big Pharma continued hiking prescription drug prices through the summer while Americans grappled with the economic impact of the COVID-19 pandemic. Since July 1, drug companies have increased prices on more than 65 brand name drugs as part of traditional biennial summer price hikes. In January of this year, Big Pharma increased prices on more than 600 drugs by an average of 5.2 percent.
“While Americans faced a summer of unprecedented economic uncertainty and historic challenges, Big Pharma doubled-down on its price-hiking business-as-usual playbook,” said CSRxP executive director Lauren Aronson. “Big Pharma’s remorseless pandemic price hikes this summer demonstrate more clearly than ever why policymakers must act to hold the industry accountable.”
“Big Pharma’s pandemic price hikes will negatively impact the economic and health care security of millions of American patients, seniors and families,” Aronson continued. “Now is not the time to reward Big Pharma for their egregious behavior by handing the industry a $100 billion bailout, paid for on the backs of Americans seniors and taxpayers, through a revival of the misguided Rebate Rule.”
Updated tracking data from GoodRx shows Big Pharma increased prices on at least 67 brand name drugs in July as part of traditional biennial summer price hikes by an average of 3.1 percent – exceeding last summer’s price hikes and climbing from an earlier reported total of more than 40.
Twelve of Big Pharma’s summer price hikes equal or exceed five percent, including four from brand name drug giant AstraZeneca. AstraZeneca hiked prices on three products in the company’s portfolio by six percent in July, including cholesterol medication Crestor; heartburn medication Nexium and chronic obstructive pulmonary disease (COPD) medication Daliresp. AstraZeneca hiked the price of COPD medication Bevespi Aerosphere by five percent. In July of this year, AstraZeneca reported a net profit of $756 million, up from $130 million in the same period a year earlier, after increasing prescription drug prices at least 25 times this year.
HRA Pharma notched the highest percentage increase so far this summer, hiking Metopirone by 25 percent, according to a study from Analysource.
Engaging in price hikes during a pandemic, while receiving billions of dollars from taxpayers to help develop COVID-19 treatments, demonstrates why policymakers must act to hold Big Pharma accountable — and why now is NOT the time to revisit or implement the misguided Rebate Rule that would hand Big Pharma a bailout at the expense of American patients, seniors and taxpayers. If implemented the Rebate Rule would:
Read more about the Big Pharma bailout, aka Rebate Rule HERE.
Read more on Big Pharma’s biennial price hikes HERE.
Read more on market-based solutions to hold Big Pharma accountable and lower prescription drug prices HERE.