Brand Name Drug Companies Maintain Business-as-Usual Approach to Price-Gouging the American People at the Start of 2023
For Immediate Release[email protected]Contact: Jon Conradi 860-235-3884
Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) released a statement today in response to reports brand name drug companies will hike prices on at least 350 prescription drugs to start the new year, part of a pharmaceutical industry tradition of biennial price hikes.
“Big Pharma is ringing in the new year by hiking prices on hundreds of brand name prescription drugs and signaling 2023 will be another year of business-as-usual for the pharmaceutical industry as millions of Americans continue to face financial uncertainty affording their medications,” said CSRxP executive director Lauren Aronson. “As Congress returns to work this week, lawmakers must take note of brand name drug companies’ continued commitment to putting profits above people and advance market-based solutions to hold Big Pharma accountable for the industry’s egregious price hikes, out-of-control launch prices and anti-competitive tactics.”
According to Reuters, Big Pharma giants including Pfizer, GlaxoSmithKline, Bristol Myers Squibb and Sanofi plan to increase prices on hundreds of brand name prescription drugs. Pfizer is expected to increase prices on 89 prescription drugs, including a six percent increase on autoimmune drug Xeljanz and 7.9 percent increases on cancer drugs Ibrance and Xalkori. GlaxoSmithKline is expected to announce price increases on at least 26 prescription drugs, including a seven percent price increase on shingles vaccine Shingrix. Bristol Myers Squibb is expected to hike the price of cancer drugs Abecma and Breyanzi by nine percent, both of which already come with price tags above $400,000. AstraZeneca and Sanofi are both also expected to hike prices.
Last year, in January, the pharmaceutical industry raised prices on 791 brand name drugs by an average of 4.9 percent. Mid-year, in June and July, Big Pharma companies increased prices on almost 100 additional brand name products.
Read more on market-based solutions to hold Big Pharma accountable and lower prescription drug prices HERE.