The Wall Street Journal Reports Dozens Of Drug Companies Have Already Raised Drug Prices, Shedding Doubt on Trump Administration’s Promises to Lower Them
ICYMI — Today, The Wall Street Journal reported that prescription drug manufacturers have once again raised their prices on prescription drugs. Allergan leads the pack with increases of nearly 10 percent on dozens of its products. Last month, pharmaceutical giant AbbVie announced a $5 billion stock buyback authorization and Pfizer announced plans to increase prices on 41 drugs.
Last month, Restore Public Trust released a report exposing HHS Secretary Azar’s history at Eli Lilly, where drug prices soared under his watch, including prices for diabetes medication. The report also found Azar doubted the Trump administration’s ability to follow through on actions to check the power of the pharmaceutical industry and lower drug costs.
“HHS Secretary Alex Azar and the Trump administration have failed in their promise to stop persistent prescription drug price hikes,” said Caroline Ciccone, Executive Director of Restore Public Trust. “The truth is that Azar is a pharmaceutical industry insider who oversaw dramatic drug price increases during his time at Eli Lilly, and his industry ties have proven stronger than his promise to serve the American public.”
The Wall Street Journal highlights:
“More than three dozen drugmakers raised the prices on hundreds of medicines in the U.S. on Tuesday, according to an analysis from Rx Savings Solutions, which sells software to help employers and health plans choose the least-expensive medicines. The average increase was 6.3%, according to the analysis, including increases on different doses for the same drug.”
“Allergan confirmed the increases cited in the analysis, saying it raised the price of 51 products—27 by about 9.5% and another 24 by about 4.9%. The increases covered more than half of its portfolio, from an extended-release version of its Alzheimer’s drug Namenda to dry-eye treatment Restasis. Of the companies analyzed, Allergan had the most increases of more than 9%.”