SUMMARY: Happy new year! Here’s a 4-6% price increase on your prescription drug. Prescription drug prices are sure to be on the political talking points as drug makers indicate that they don’t care or know that they have drug CEOs in their pockets.
- 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.