BIG PHARMA CALLOUSLY HIKES PRESCRIPTION DRUG PRICES AS AMERICANS BATTLE PANDEMIC

Jul 7, 2020

Drug Companies Begin Summer Price Increases With Hikes On 42 Brand Name Drugs Despite Rising Public Concern With Rx Affordability, Opposition to Price Increases

Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) released a statement Tuesday after Big Pharma began hiking prescription drug prices in July while Americans continue to grapple with the economic impact of the COVID-19 pandemic. Drug companies have already increased prices on at least 42 brand name drugs in the first week of this month as part of traditional biennial summer price hikes. In January of this year, Big Pharma increased prices on more than 600 drugs by an average of 5.2 percent.

“Despite the unprecedented economic uncertainty facing millions of Americans, Big Pharma is sticking with the industry’s business-as-usual, price-hiking playbook,” said CSRxP executive director Lauren Aronson. “Big Pharma’s callous pandemic price hikes will negatively impact the economic and health care security of American patients, seniors and families in a brazen gambit to boost profits.”

“Big Pharma can always be counted on to put profits before people and repeatedly hike prices, even at times when Americans most need relief,” Aronson added. “Engaging in price hikes during a pandemic, while receiving billions of dollars from taxpayers to help develop COVID-19 treatments, demonstrates why policymakers must act to hold Big Pharma accountable.”

Eleven of Big Pharma’s price hikes that have gone into effect in July equal or exceed five percent, including four from brand name drug giant AstraZeneca. AstraZeneca hiked prices on three products in the company’s portfolio by six percent in the last week, including cholesterol medication Crestor; heartburn medication Nexium and chronic obstructive pulmonary disease (COPD) medication Daliresp. AstraZeneca hiked the price of COPD medication Bevespi Aerosphere by five percent. In April of this year, AstraZeneca reported a net profit of $780 million, up from $593 million in the same period a year earlier, after increasing prescription drug prices 26 times in the first quarter of 2020.

Neos Therapeutics, Inc. has notched the highest percentage increase so far in July, hiking stimulant Adzenys XR-ODT by 10 percent.

According to a survey released by the Campaign for Sustainable Rx Pricing (CSRxP) last week, an overwhelming majority of American voters – more than 80 percent – said Big Pharma should suspend all price increases on their products while the nation deals with the economic impact of COVID-19.

Key takeaways from the CSRxP survey included:

83 Percent: More than 80 percent of voters believe drug companies should suspend all price increases on their products while the nation deals with the economic impact of COVID-19.
More Than 3 in 4: More than three-quarters of Americans agree that Big Pharma should cancel biennial summer price hikes.
3 in 5: Three-fifths of survey respondents reported the coronavirus pandemic has made them more concerned about the affordability of prescription drugs.
84 Percent: Nearly 85 percent of survey respondents lay blame for “the rising price of prescription drugs” at the feet of pharmaceutical companies.
Two-Thirds: Two-thirds of American voters believe Big Pharma puts profits before people, has left too many Americans unable to afford the medications they need to survive and must be held accountable now. While just 17 percent believe pharmaceutical companies are doing everything they can to innovate and develop COVID-19 treatments and that now would be the wrong time to hold the industry accountable.
82 to 6: More than 80 percent of voters believe policymakers must prevent pharmaceutical companies from setting unreasonably high prices and increasing those prices to boost profits after hearing taxpayers are spending billions collaborating on their development. Just six percent of voters disagree.