Phoenix, AZ, Jan 12, 2020 — A recent report by CBS News states that more than 3,400 drugs have boosted their prices in the first six months of 2019, an increase of 17% in the number of drug hikes from a year earlier.
– The average price hike is 10.5%, or 5 times the rate of inflation.
– The drug hikes come at a time when lawmakers and the Trump administration have vowed to address the problem of rising prescription costs.
Price hikes on prescription drugs are surging in 2019, despite vows from lawmakers and the Trump administration to rein in pharmaceutical costs.
So far in 2019, more than 3,400 drugs have boosted their prices, a 17% increase compared with the roughly 2,900 drug price increases at the same time in 2018, according to a new analysis by Rx Savings Solutions, a consultant to health plans and employers.
Reuters reported on Tuesday that drug makers including Pfizer Inc (PFE.N), GlaxoSmithKline PLC (GSK.L) and Sanofi SA (SASY.PA) were planning to increase prices on more than 200 drugs in the United States on Jan. 1.
Nearly all of the price increases are below 10% and the median price increase is around 5%, according to 3 Axis.
More early year price increases could still be announced.
Soaring U.S. prescription drug prices are expected to again be a central issue in the presidential election. President Donald Trump, who made bringing them down a core pledge of his 2016 campaign, is running for re-election in 2020.
Many branded drug makers have pledged to keep their U.S. list price increases below 10% a year, under pressure from politicians and patients.
Chaplain Paul Vescio LaTribuna Christian Publishing’s CEO is quoted saying, The high cost of prescription drugs is putting American middle class families into poverty. People just can not afford the high cost of their prescription drugs. Millions of people across our nation are being forced to make the choice between paying for their food or medicine, between paying for their electric and other household bills or for their prescription drugs. People having to pay hundreds of dollars out of pocket each month for their medicine is morally wrong.
LaTribuna Christian Publishing is committed to bring news stories that matter most to the public, for more info about the high cost of prescription drugs in America please visit these websites, CBS News at https://www.cbsnews.com/news/drug-prices-in-2019-are-surging-with-hikes-at-5-times-inflation/
Reuters at https://www.reuters.com/article/us-usa-healthcare-drugpricing/more-drugmakers-hike-u-s-prices-as-new-year-begins-idUSKBN1Z01X9
For more information about LaTribuna Christian Publishing please visit our websites at www.latribunachristianpublishing316.com and www.miraclesofkingman.com
Chaplain Paul Vescio
LaTribuna Christian Publishing