Jul 12, 2022

Brand Name Drug Companies Begin Second Round of Biannual Price Hikes While Pointing Fingers at Others to Evade Accountability

Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) issued a statement Tuesday reacting to a first batch of price increases on brand name drugs from manufacturers as part of traditional biannual price hikes. Drug companies raised prices on more than 100 brand name pharmaceuticals in the first week of July.

“Big Pharma continues to brazenly hike drug prices while pointing fingers at others in a dishonest campaign to evade accountability and keep prices high,” said CSRxP executive director Lauren Aronson. “Big Pharma’s latest round of price hikes will contribute to the rising crisis of affordability that forces too many Americans to choose between putting food on the table, paying rent, or purchasing their medications.”

“Big Pharma has shown time and again the industry will always put profits over people by engaging in egregious pricing and anti-competitive practices,” Aronson continued. “Lawmakers must respond to the unprecedented momentum to hold Big Pharma accountable with urgent action on comprehensive, market-based solutions to crack down on the pharmaceutical industry’s price-gouging and deliver relief for the American people.”

So far in July:

  • According to STAT News, Pfizer and its subsidiary Hospira have raised prices on more than 100 dugs so far this month, several by more than 10 percent.
  • EIN News reported that 57 drug manufacturers increased prices on 108 brand name pharmaceuticals by an average of 3.4 percent in the first week of July.

Big Pharma hikes prices in two major batches each year – once in January and again in July. In January 2022, Big Pharma increased prices on 791 brand name drugs by an average of 5.1 percent.

Learn more about market-based solutions to hold Big Pharma accountable and lower prescription drug prices HERE.