New Study: Big Pharma Hikes Prices Without Improving Their Drugs

Oct 8, 2019

Unjustified Price Increases Cost Patients And Health Plans Billions

Big Pharma repeatedly hikes prices on brand name drugs without making any improvements to those medications. That’s the finding of a new analysis conducted by the Institute for Clinical and Economic Review (ICER). The report found that drug companies hiked prices on seven popular drugs in 2017 and 2018 with no evidence that the drugs had been improved. In other words, brand name drug makers jacked up prices without adding any value.

The ICER analysis found:

  • AbbVie increased the price of its best-selling rheumatoid arthritis drug Humira by 15.9%.
  • Genentech increased the price of lymphoma medication Rituxan by 23.6%.
  • Pfizer jacked up the price of painkiller Lyrica by 22.2%.
  • Gilead Sciences increased the price of HIV drug Truvada by 23.1%.
  • Eli Lilly raised the price of Cialis by 32.5%.
  • Amgen hiked the price of cancer drug Neulasta by 13.4%.
  • Biogen increased the price of multiple sclerosis drug Tecfidera by 9.8%.

These unjustified price increases resulted in patients and health plans spending a total of $5.1 billion in increased costs.

At a time when one in four Americans can’t afford their medications, you would think Big Pharma would show some restraint. Instead, brand name drug makers continue to put profits over patients and repeatedly hike prices.

It’s no wonder a recent Gallup poll found Americans’ view of the pharmaceutical industry is at an all-time low. In fact, drug makers ranked last out of more than two dozen industries.

Congress simply must act to hold Big Pharma accountable for the industry’s price gouging and anti-competitive tactics.

Read more on market-based solutions lawmakers can pass to lower drug prices HERE.

Read the full ICER report HERE.