Drugmakers kick off 2021 with 500 price hikes in the US

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NEW YORK (Reuters) – Drugmakers including Abbvie Inc and Bristol Myers Squibb have raised list prices of more than 500 drugs in the United States to kick off 2021, according to research from the research firm in health care 46brooklyn.

FILE PHOTO: Customers wait in the pharmacy department of a Target store in the Brooklyn neighborhood of New York, June 15, 2015. REUTERS / Brendan McDermid / File Photo

The increases come as drugmakers reeling from the effects of the COVID-19 pandemic, which has reduced doctor visits and demand for some drugs. They are also fighting against the Trump administration’s new drug price reduction rules, which would reduce the profitability of the industry.

They include more than 300 price increases from companies like Pfizer and GlaxoSmithKline reported by Reuters at the end of last week.

Almost all of the increases were below 10% and the median rise was 4.8%, down slightly from last year, 46brooklyn said here. The company’s analysis is based on data from # Elsevier’s Gold Standard Drug database.

Abbvie has raised the prices of around 40 drugs, including a 7.4% increase on the treatment of rheumatoid arthritis Humira, the world’s best-selling drug. Humira’s revenue is expected to exceed $ 20 billion next year.

Bristol Myers raised the prices of a dozen drugs, including the cancer drugs Revlimid and Opdivo, by 4.5% and 1.5% respectively. He increased the price of the anticoagulant Eliquis by 6%.

He said in a statement that he was only increasing drug prices with ongoing clinical research. He expects net prices, which include rebates and other discounts, to decline this year.

Drug price increases have slowed considerably since 2015, both in terms of the size of the increases and the number of drugs affected.

However, 46brooklyn said its analysis of Medicaid data shows the average cost per brand name drug is still on the rise.

“#Over time, we end up phasing out cheaper brands designed to handle large populations, and replacing them with expensive brands designed to handle smaller populations,” wrote Eric Pachman, president of 46brooklyn. “#As price increases lose their impact, introductory prices will be the main driver of list price inflation in the United States.”

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