BIG PHARMA WATCH: UNJUSTIFIED PRICE HIKES ON JUST EIGHT BRAND NAME DRUGS COST U.S. $1.2 BILLION IN 2022

New Analysis Showcases How Big Pharma Raises Prices on Blockbuster Products With No Increase in Clinical Value for Patients

A new analysis from the Institute of Clinical and Economical Review (ICER) finds that brand name drug makers’ unjustified price hikes on just eight prescription medications cost the U.S. an additional $1.2 billion in 2022.

ICER’s most recent Unsupported Price Increase Report examines substantial price hikes on prescription drugs without any new clinical evidence or improvements to justify the increases. Several pharmaceutical giants were on this year’s list of top offenders, including AbbVie, Johnson & Johnson, Pfizer, and Amgen, underscoring that Big Pharma’s price hikes are about boosting these companies’ profits, not delivering innovation or value for patients.

Here are some takeaways from ICER’s most recent analysis:

• AbbVie’s rheumatoid arthritis drug Humira – a case study in Big Pharma greed – topped the list, costing taxpayers an additional $386 million after the company increased the drug’s price 7.1 percent in 2022.
• Johnson & Johnson raised the price of multiple myeloma treatment Darzalex by 6.8 percent in 2022, costing American patients an additional $248 million.
• Big Pharma giant Pfizer increased the price of breast cancer treatment Ibrance by 6.9 percent, resulting in $151 million in additional spending.
• Amgen raised the price of osteoporosis medication Prolia by 7.6 percent, causing spending to rise $140 million in 2022.
• Amgen also increased the price of bone marrow stimulant Nplate by 6.8 percent, directly raising out-of-pocket expenses for Medicare patients by $684 per year, totaling an additional $17 million in spending.

“We continue to see list price increases above inflation for many of the most costly drugs,” said ICER Chief Medical Officer David Rind in a statement on the report. “When we look further at those drugs whose net price increases led to the largest increases in U.S. expenditures, many had no substantial new evidence to support such price increases.”

With no research and development breakthroughs to support such price increases, these continuous price hikes create a crisis of affordability for American patients, produce tremendous strain on the U.S. health care system and further demonstrate the need to hold brand name pharmaceutical manufacturers accountable for their egregious pricing practices.

Read ICER’s Unsupported Price Increase Report HERE.

Read more on Big Pharma’s history of hiking prices above the rate of inflation HERE.

Learn more about market-based solutions to hold Big Pharma accountable and lower drug prices HERE.