Fourth Major Round Of Pandemic Price Hikes Highlight Urgency for Policymakers to Hold Big Pharma Accountable
Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) released a statement today reacting to Big Pharma increasing prices on 434 brand name drugs in just the first few days of 2022 — as part of biennial, traditional price hikes.
“Big Pharma rings in each New Year by reminding policymakers and the public the industry’s priority is profits, not people, by hiking prices on scores of brand name prescription drugs,” said CSRxP executive director Lauren Aronson. “Big Pharma’s business-as-usual approach to hiking prices, during a global pandemic and while millions of Americans face financial uncertainty affording their medications, underscores the urgency for policymakers to hold the pharmaceutical industry accountable.”
“As the U.S. Senate gavels back into session this week, lawmakers must capitalize on the unprecedented momentum for action and advance market-based solutions to lower prescription drug prices and crack down on Big Pharma’s egregious practices,” Aronson said. “Congress must meet the moment to make positive progress toward delivering relief from out-of-control drug prices for the American people.”
According to GoodRx, brand name drug companies have raised list prices on more than 434 drugs in just the first days of 2022, on average prices rose 5.2 percent. The number of January price increases is likely to grow over the remainder of the month.
Big Pharma traditionally hikes prescription drug prices in two major batches each year — the first starting in January and the second starting in June. In January 2021, Big Pharma raised the list price of 822 brand name prescription drugs by an average of 4.6 percent.
Then, in June and July 2021, Big Pharma hiked prices on 67 brand name prescription drugs by an average of 3.5 percent.
Read more on market-based solutions to hold Big Pharma accountable and lower prescription drug prices HERE.