facebook New Year ushers in new price hikes for your prescription drugs

BIG PHARMA POLITICS: Consumers pressure politicians to do something about rising drug prices. Read More

New Year ushers in new price hikes for your prescription drugs

health care spendingPrices on more than 250 prescription drugs in the U.S. increased Jan. 1, 2020, according to data from the health care research firm 3 Axis Advisors.

Reuters reports that the median price increase is about 5 percent, with more early year price increases possibly coming.

The cost increases are hardly surprising.

Big Pharma typically celebrates the New Year by raising prices. However, this year, those rising costs may become a central issue in the presidential election as polls show Americans are fed up. Aware of public opinion, some well-known drug-makers have pledged to keep their U.S. list price increases below 10 percent a year.

Bristol-Myers said list price increases on its drugs would be kept to 6 percent. Sounds modest, but it adds up…fast. In total, the drug maker raised the price on 10 drugs, including its cancer immunotherapies drugs like Opdivo and Yervoy, and blood thinner drugs, all of which bring in billions of dollars in revenue annually.

Drug maker Gilead also raised prices on more than 15 drugs, including HIV treatments Biktarvy and Truvada.

Do you think a promise to keep price increases below 10 percent is enough? Has your prescription drug jumped in price? Share your story with Voices for Affordable Health.