Brand Name Drug Companies’ Price Increases in First Two Weeks of 2024 Continue to Outpace the Rate of Inflation
Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) released a statement Thursday on a new report that found Big Pharma hiked prices on 775 brand name prescription drugs in the first two weeks of the year, with the median price increase outpacing the current rate of inflation.
“In just two weeks, Big Pharma saddled American patients with price hikes on 775 brand name prescription drugs, with the median increase continuing to outpace the rate of inflation,” said CSRxP executive director Lauren Aronson. “The rapidly rising tally of Big Pharma’s January price hikes demonstrates the pharmaceutical industry will continue to double-down on a business-as-usual approach to price-gouging while hiding behind a bogus blame game and debunked rhetoric on innovation to avoid accountability.”
“Lawmakers should respond to Big Pharma’s brazen price hikes with bipartisan, market-based solutions that hold brand name drug companies accountable to lower prices,” Aronson added.
The analysis from The Wall Street Journal and 46brooklyn Research found Big Pharma “raised list prices on 775 brand-name drugs,” in the first two weeks of 2024, “by a median of 4.5 percent,” outpacing “the rate of inflation, which ticked up to 3.4 percent in December.”
Earlier data from AnalySource found Big Pharma increased the price of 556 drugs in just the first week of the year, with an average price increase of 3.92 percent. AnalySource also found at least ten increases of 10 percent.
Notable price increases so far this month from Big Pharma giants include:
Read more on Big Pharma’s price hikes outpacing the rate of inflation HERE.
Read more on market-based solutions to hold Big Pharma accountable and lower prescription drug prices HERE.