WASHINGTON – Yesterday, research firm 46brooklyn released a report that drug prices have increased astronomically over the past 13 years.
Restore Public Trust released the following statement in response:
“Americans are struggling to pay for their medications because drug prices are out of control and this administration has failed them,” said Lizzy Price, director of Restore Public Trust. “The Trump administration has done next to nothing to fix this serious problem, but given that he picked a former Big Pharma executive, Alex Azar, to head the Department of Health and Human Services, we’re not surprised. Millions of families have suffered as a result of the drug companies’ relentless efforts to keep their drug prices high and it’s time our elected officials stand up for Americans, not Big Pharma’s bottom line.”
THE MEDIAN MONTHLY PRICE FOR GENERICS INCREASED 712 PERCENT SINCE 2006; THE SAME MEASURE FOR BRAND-NAME DRUGS INCREASED 361 PERCENT
The Average Launch Price For Brand-Name Drugs “Skyrocketed” Over The Past 10 Years. “The average launch prices for new brand-name drugs have skyrocketed over the past decade, according to an analysis from drug research firm 46brooklyn. […] The U.S. prescription drug market increasingly has thrived on high initial price tags and subsequent increases. That has resulted in higher premiums and out-of-pocket costs for new drugs, as well as more expensive generics, Axios’ Bob Herman writes.” [Axios Vitals Newsletter, 10/16/19]
Pharma Was Raising Prices Less Frequently But Relying On High Initial Prices, Which Also Pushed Up The Cost Of Generics. “Pharmaceutical companies are not raising prices of existing drugs as frequently as they used to. However, more new drugs are coming out with 6- and 7-figure list prices — most notably drugs like Zolgensma and Luxturna. Higher starting prices for brand-name drugs are costly on their own, but they also beget higher starting prices for their generics.” [Axios Vitals Newsletter, 10/16/19]
The Median Monthly Price Of New Brand-Name Drugs Increased 361 Percent Since 2006 To $722. “Using data from Elsevier’s Gold Standard Drug Database and the federal government, analysts at 46brooklyn organized the launch prices of both brand and generic drugs for each year they came out, going back to 2006. The median monthly price of a new brand-name drug has increased 381% since 2006 (from $150 to $722). The median monthly price of a new generic drug has increased 712% since 2006 (about $100 to almost $800).” [Axios Vitals Newsletter, 10/16/19]
The Median Monthly Price Of New Generics Increased 712 Percent Since 2006 To Almost $800. “Using data from Elsevier’s Gold Standard Drug Database and the federal government, analysts at 46brooklyn organized the launch prices of both brand and generic drugs for each year they came out, going back to 2006. The median monthly price of a new brand-name drug has increased 381% since 2006 (from $150 to $722). The median monthly price of a new generic drug has increased 712% since 2006 (about $100 to almost $800).” [Axios Vitals Newsletter, 10/16/19]
