If you are a senior that has to take medications or a regular person the new year will bring us more expensive drugs…..something else to look forward to in this new year.
Big Pharma is set to screw the public again…..
Drugmakers including Pfizer Inc (PFE.N), GlaxoSmithKline PLC (GSK.L), Bristol Myers Squibb (BMY.N), AstraZeneca PLC (AZN.L) and Sanofi SA (SASY.PA) plan to raise prices in the United States on more than 350 unique drugs in early January, according to data analyzed by healthcare research firm 3 Axis Advisors.
The increases are expected to come as the pharmaceutical industry prepares for the Biden Administration’s Inflation Reduction Act (IRA), which allows the government’s Medicare health program to negotiate prices directly for some drugs starting in 2026. The industry is also contending with inflation and supply chain constraints that have led to higher manufacturing costs.
The increases are on list prices, which do not include rebates to pharmacy benefit managers and other discounts.
In 2022, drugmakers raised prices on more than 1,400 drugs according to data published by 46brooklyn, a drug pricing non-profit that is related to 3 Axis. That is the most increases since 2015.
The median drug price increase was 4.9% last year, while the average increase was 6.4%, according to 46brooklyn. Both figures are lower than inflation rates in the United States.
You would think that elected representatives would care what is happening to their people….but I guess suitcases of cash carried by lobbyists has a a way of blinding the corruptible.
Be prepared for higher outlay for drugs in 2023.
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