Drugmakers to raise US prices on over 250 medicines starting Jan. 1 [View all]
Source: Reuters
December 31, 2024 1:02 PM EST Updated 3 hours ago
NEW YORK, Dec 31 (Reuters) - Drugmakers plan to raise U.S. prices on at least 250 branded medications including Pfizer (PFE.N) COVID-19 treatment Paxlovid, Bristol Myers Squibb's (BMY.N), cancer cell therapies and vaccines from France's Sanofi (SASY.PA) at the start of 2025, according to data analyzed by healthcare research firm 3 Axis Advisors.
Nearly all of the drug price increases are below 10% - most well below. The median price increase of the drugs being hiked Jan. 1 is 4.5%, which is in line with the median for all price increases last year. The increases are to list prices, which do not include rebates to pharmacy benefit managers and other discounts.
Larger drug price increases were once far more common in the U.S. but in recent years drugmakers have scaled them back after price hikes drew sharp criticism in the middle of the last decade.
"Drugmakers don't have much real estate any longer to increase prices over time, which means taking greater liberties on launch prices is really the only option they have in the face of expanded penalties for year-over-year price increases," 3 Axis President Antonio Ciaccia said.
Read more: https://www.reuters.com/business/healthcare-pharmaceuticals/drugmakers-raise-us-prices-over-250-medicines-starting-jan-1-2024-12-31/
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