The new year is beginning as the old one ended, with an ongoing debate over the high cost of prescription drugs. The prices of numerous pharmaceuticals are going up this month, even as the Biden administration pursues multiple initiatives to hold down costs.
While last January, prices went up on 1,425 drugs, manufacturers Pfizer, Sanofi, Takeda Pharmaceuticals and others plan to raise U.S. prices on more than 500 drugs in early January, according to health care research firm 3 Axis Advisors. This includes more than 140 drug brands, as well as various doses and formulations of those brands. Pfizer announced the largest number of price hikes, increasing prices on 124 drugs and an additional increase on 22 drugs under its Hospira arm. Takeda-owned Baxalta announced 53 price hikes and UCB Pharma will raise prices on 40 drugs. Sanofi, which pledged to cut 2024 insulin prices earlier this year, will increase the prices of its vaccines against typhoid fever, rabies and yellow fever by 9% each in January.
These increases are for list prices, which do not include rebates to pharmacy benefit managers or other discounts. The hikes come as the industry prepares for reduced prices for 10 expensive drugs while facing inflation and higher manufacturing costs. Concern also is growing about potential disruptions to supply chains because of the conflict in the Middle East.
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