BIG PHARMA POLITICS: Consumers pressure politicians to do something about rising drug prices. Read More
The federal Food and Drug Administration is charged with ensuring that new drugs coming to market effectively do what they claim to do. However the FDA has little, if any, say on whether price increases on any given drug are justified by increased benefit.
For the past several years, the Institute for Clinical and Economic Review, an independent, non-partisan research organization, has evaluated the cost-effectiveness of prescription drugs.
In a report released in early October, researchers found clinically unsupported price increases on just seven drugs cost U.S. consumers $5 billion a year.
Between 2016 and 2018, drugmakers hiked the prices of four of the seven drugs by at least 20 percent.
There’s no real new evidence to justify these price increases, David Whitrap, an Institute spokesman, told Inside Sources. “This is just waste in the system. We’re paying more for these treatments without any additional benefit.”
Do you take any of the drugs on the list? What kind of price increases have you seen? Share you story with Voices for Affordable Health.