Hundreds of drugs have just had their wholesale prices raised at the beginning of the year, a well-treaded practice for the pharma industry. However, these hikes did not outstrip inflation, sitting around 5% on average. Companies raising prices include Pfizer, which drove up the prices of over 90 drugs, many of which are for cancer.
According to Jonathan Gardner, “Annual drug price increases have moderated from where they were in the middle of last decade, when they topped out at an average of around 9%. Growing scrutiny and criticism of the industry led to many proposals to rein in costs, including the Medicare drug price negotiation provisions that were contained in the Inflation Reduction Act enacted last year.”
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(Source: BioPharmaDive, January 3rd, 2023)