The increases are expected to come as the pharmaceutical industry prepares for the Biden Administration’s Inflation Reduction Act , which allows the government’s Medicare health programme to negotiate prices directly for some drugs starting in 2026.
In 2022, drug-makers raised prices on more than 1,400 drugs according to data published by 46brooklyn, a drug pricing non-profit that is related to 3 Axis. That is the most increases since 2015. “Drug-makers have to take a harder look at calibrating those launch prices out of the gate … so they don’t box themselves into the point where in the future, they can’t price increase their way back into profitability,” he said.
That was followed by GSK, with planned increases so far on 26 unique drugs, including nearly a 7% increase on its popular shingles vaccine Shingrix.Notable increases expected include 9% price hikes on Bristol Myers Squibb’s personalized CAR-T cell therapies Abecma and Breyanzi, both of which were already more than $400,000 for the blood cancer treatments.
A Pfizer spokesperson said in an email that the company’s average list prices for drugs and vaccines in 2023 are well below overall inflation at approximately 3.6%, noting that the increases are needed to support investments in drug discovery.
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