BIG PHARMA POLITICS: Consumers pressure politicians to do something about rising drug prices. Read More
Pfizer said it will raise the list prices of 41 prescription drugs, as reported by the Wall Street Journal.
The announcement was timed with Pfizer’s mandatory disclosure of price increases to comply with a 2017 California law that requires Big Pharma companies to give 60-days notice if they want to raise the prices of certain drugs by more than 15 percent over two years.
Bristol-Myers Squibb Co. and Allergan PLC made similar announcements. The article reports that the White House directed questions to the Health and Human Services Department, which said the price increases illustrate the “perverse incentives” in drug pricing that ultimately hurt consumers.
This year drug companies have raised prices on 263 drugs so far by an average of 7.8 percent. In contrast, consumer prices in October only rose 2.5 percent compared with a year earlier.
Have you been affected by prescription drug price increases this year? Share your voice.