Pharma gives the middle finger to patients

  • President Donald Trump in May said that drugmakers would soon announce “massive” price cuts but they aren’t in the loop.
  • Bayer raised the price of two cancer drugs by hundreds of dollars in May and Novartis followed by boosting four pricey treatments in June. [inlinetweet prefix=”” tweeter=”” suffix=””]Pfizer, one of the largest U.S. pharma companies, announced increases on more than 41 products this week.[/inlinetweet]
  • [inlinetweet prefix=”” tweeter=”” suffix=””]A Wells Fargo report found 104 price increases in June and the first two days of July[/inlinetweet], with an average jump of 31.5 percent and a median increase of 9.4 percent. That followed 48 increases in May.

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There is no evidence of an association between research and development costs and prices of prescription drugs

From JAMA: “[inlinetweet prefix=”” tweeter=”” suffix=””]Although prices are often justified by the high cost of drug development, there is no evidence of an association between research and development costs and prices[/inlinetweet]; rather, prescription drugs are priced in the United States primarily on the basis of what the market will bear”. And I guess most pharma executives believe the market can bear a lot more. Continue reading