CSRXP: BIG PHARMA’S BUSINESS-AS-USUAL APPROACH TO JANUARY PRICE HIKES UNDERSCORES URGENCY FOR RX SOLUTIONS

Drug Companies Increased Prices on 785 Brand Name Products in First Month of 2022

Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) released a statement today reacting to pharmaceutical industry price hikes on 785 brand name drugs in the first month of 2022 by an average of 4.9 percent.

“Throughout the COVID-19 pandemic, Big Pharma has maintained the industry’s business-as-usual approach to price-gouging the millions of Americans who face financial uncertainty affording their medicines,” said CSRxP executive director Lauren Aronson. “As a result of Big Pharma’s January price hikes, patients with serious conditions, including cancers and HIV, will see the price of their treatments increase while they wait to find out if lawmakers will deliver on repeated promises to hold the brand name drug companies accountable.”

“Big Pharma’s brazen approach to hiking prices while attempting to blame others in the supply chain underscores the urgency for policymakers in Washington to meet the moment to hold the pharmaceutical industry accountable,” Aronson continued. “The time is now for Congress to advance market-based solutions to crack down on Big Pharma’s egregious pricing practices and deliver relief for Americans who face financial uncertainty affording their medications.

Among the drug companies that have hiked prices on branded products in their portfolios this month are well-known Big Pharma giants, including:

• Pfizer hiked prices on more than 100 drugs, including a whopping 16.8 percent price increase on its popular drug Solu-Cortef which treats various conditions such as arthritis, blood diseases, and certain cancers.
• GlaxoSmithKline raised prices on more than 30 drugs, with cancer drug Zejula and seizure drug Lamictal topping the list with seven percent price increases each.
• Bristol Myers Squibb raised prices on more than a dozen of their drugs.
• Gilead Sciences raised prices 5.6 percent on HIV drugs Biktarvy and Descovy.

Big Pharma traditionally hikes prescription drug prices in two major batches each year — the first starting in January and the second starting in June. In January 2021, Big Pharma raised the list price of 822 brand name prescription drugs by an average of 4.6 percent. Then, in June and July 2021, Big Pharma hiked prices on 67 brand name prescription drugs by an average of 3.5 percent.

Read more on market-based solutions to hold Big Pharma accountable and lower prescription drug prices HERE.