In recent years, congressional hearings have often featured intense questioning of pharmaceutical company CEOs regarding the high costs of prescription drugs. These hearings allow policymakers to express their concerns about rising drug prices and hold pharmaceutical executives accountable for their pricing practices. However, despite the scrutiny and public outcry, these hearings have had limited impact on lowering drug prices. In this blog post, we’ll explore why this is the case.

Prescription drug costs have been a hot topic in recent years, and for good reason. Many people rely on medications to maintain their health, and the rising cost of prescription drugs can be a significant financial burden. While generic drugs are often considered more affordable, some may be surprised that even these medications can come with hefty price tags.

(STAT NEWS)

  • At the start and halfway points of each year, many pharmaceutical companies raise drug prices to bolster revenue and reportedly fund new research.
  • A new STAT analysis of mid-year price hikes has found that, despite these new requirements, drug prices are on the rise. Indeed, on July 1, drugmakers raised the wholesale price on over 123 drugs in what’s the largest number of mid-year price hikes since 2013.
  • The median price increase for these drugs was 3.4%, just above the one-year inflation rate of 3.2%. So, over half of these medications could potentially face rebates, including 10 Pfizer drugs whose prices increased by 10%, such as long-acting penicillin Bicillin and blood thinner Fragmin.