Pfizer to hike prices of 41 prescription drugs next year

Pfizer to hike prices of 41 prescription drugs next year

American pharmaceutical giant Pfizer will raise the price of more than 40 of its prescription drugs next year, the company announced on Friday.

Pfizer rolled back a price hike over the summer, in response to pressure and criticism from President Trump. The company did name the drugs in line for price hikes. The increases will mostly be around 5 percent, though three drugs will see a 3 percent rise in cost and one will cost 9 percent more.

It was not immediately clear whether other drugmakers plan to follow suit.

The pharma expects the net effect of the increases on revenue growth to be zero due to higher rebates and discounts that it plans to offer to insurers - an example of how closely linked drug pricing is to opaque negotiation between drugmakers and payers.

Chief Executive Ian Read said in the statement that the company believes the best way to make drugs more affordable is by focusing on reducing out-of-pocket costs and returning rebates to consumers.

The Department of Health & Human Services said that its secretary, Alex Azar, and Trump "will continue to take bold action to restructure this broken market".

Pfizer did not tip off the administration that the latest round of price increases was coming, according to a source familiar with the matter.

US officials aren't happy: The move illustrates the "perverse incentives of America's drug pricing system", said a spokeswoman for the Health and Human Services Secretary Alex Azar.

In July, Pfizer backtracked on its plans to raise prices on 100 drugs after President Trump criticized the move on Twitter.

"However, given how public the previous rebuke was, we think this [will] enflame the debate around drug pricing", Maris said, "especially since it comes less than two weeks following an election that resulted in Democrat control of the House with many having run on drug-price-controls/Medicare-for-All platforms". Both Trump and Democratic leader Nancy Pelosi, who is vying to reclaim her post as House speaker, mentioned it the day after the midterm elections last week.

Related News:



Most liked

Journalist criticised for 'sexist' Ocasio-Cortez tweet
Despite having $7,000 saved , she can not afford to live in the expensive DC area until she receives her salary from Congress. Scarry's tweet was nearly immediately criticized, causing many, even Dictionary.com to chime in.

What you need to know about the new 'Super Earth'
Is this planet really, though? "However, we must remain cautious and collect more data to nail the case in the future". The data included Barnard's star's radial velocity and relative speed toward and away from Earth.

Brexit talks: Second referendum an 'option for the future'
Raab said that while the agreement was "fatally flawed", it's not too late to change that. Can Brexit be stopped? The real people's vote was in 2016 when we voted to leave the EU.

Jeff Bezos to employees: "Amazon is not too big to fail"
" Amazon is not too big to fail", Bezos said, in a recording of the meeting acquired by CNBC . Amazon turned 24 in July of this year.

Nintendo Is Not Considering An N64 Classic, Says Reggie
Nintendo has found great success with its Classic console lineup, selling over 10 million combined NES and SNES Classic Edition consoles.

Kim Porter’s Death Is Now Under ‘Additional Investigation’ After Completion Of Autopsy
In the call that was placed to 911 today, it was said that she was experiencing cardiac arrest. Sources told TMZ that Porter had suffered from either pneumonia or the flu before her death .

Sucking your baby's pacifier may benefit their health
Among the three methods, 30 mothers sterilised it, 53 cleaned it with soap and water and nine sucked on the pacifier. It is unclear whether the lower IgE production observed among these children continues as the infants grow older.

Instagram security flaw exposed some users’ passwords
The company also said that the passwords stored on Facebook's servers have also been deleted since the issue came into notice. For some users it could have included their password in the URL of the link they've been sent to, um, download their data.

Amber Rudd returns to Cabinet after quitting over Windrush row
In my constituency in Hastings & Ryre it really has transformed lives. Asked about the document, Rudd said: "I haven't seen this document".

Browns reportedly want to interview Condoleezza Rice for head coaching job
Bush is being eyed by Browns brass for an interview to become head coach, according to an eye-popping ESPN report Sunday . Rice is a lifelong Browns fan, and has been frequently seen visiting with Browns Owner Jimmy Haslam.

Tyson Fury's Odds on Beating Deontay Wilder Have Shortened
And I thought he'd be good if we got him in the corner as well, and gives us some tips and just helps out generally. In this short period of one month's time, [other trainers are] not going to fully get to know you.

Disney Unveils First Footage of Star Wars: Galaxy's Edge Rides
Star Wars: Galaxy's Edge will open in Disneyland in summer of 2019 and Disney World's Hollywood Studios in the late fall of 2019. For Rise of the Resistance , guests will be placed in the middle of an epic battle between the Resistance and the First Order.

Willett sticks close to lead man Wallace at halfway stage
Matt Wallace entered the DP World Tour Championship having won three times and earned almost 1.5 million pounds. Rory McIlroy , Dean Burmester and Kiradech Aphibarnrat are well poised alongside Fleetwood on eight under.

May's let European Union 'blackmail and bully' Britain, ex-Brexit minister says
Tory Leavers have been so enraged by the idea that some of them are claiming Theresa May must be ousted. The government also announced replacements for two junior ministers who resigned over Mrs May's deal.

Donald Trump heads to California, again blaming fires on forest management
But I think everyone is on the right side. "It was so insane , I started crying in front of everybody", Whipple said. But during his visit to Paradise, Calif., on Saturday morning , Trump made similar comments about forest management.