CSRXP: BIG PHARMA IS AT IT AGAIN, HIKES PRICES ON NEARLY 200 PRESCRIPTION DRUGS AS PART OF MID-YEAR INCREASES

Brand Name Drug Giants’ Average Price Increases for June-July Outpace Rate of Inflation

Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) issued a statement Monday reacting to a new round of price increases from Big Pharma, part of the brand name drug industry’s tradition of hiking prices biannually, in two large batches. According to data from Patients for Affordable Drugs (P4AD), brand name drug companies increased prices on 195 prescription drugs between June 30th and July 5^th.

“Big Pharma continues to double-down on a business-as-usual approach to price-gouging American patients with nearly 200 price hikes in the last month, with an average increase outpacing the rate of inflation,” said CSRxP executive director Lauren Aronson. “Big Pharma’s latest major round of price hikes comes on the heels of a new seven-figure advertising campaign from PhRMA, designed to protect the patent abuse ‘status quo’ that helps brand name drug companies block competition and repeatedly increase prices.”

“This latest round of price hikes outpacing inflation underscores how Big Pharma’s egregious pricing practices and anti-competitive tactics are the root cause of high prices,” Aronson added. “Policymakers in Washington must build on the strong bipartisan momentum, including the U.S. Senate passage of critical solutions to crack down on patent thickets last week, to hold Big Pharma accountable to lower prescription drug prices for patients.”

According to P4AD, “[c]ompanies including Eli Lilly, BMS, Pfizer, AbbVie, Novartis and GSK increased prices of certain drugs at an average of 7%, compared to the current 3% U.S. inflation rate.” P4AD also found that the average price increase “amounted to around $620.” One particularly egregious price increase was on Celgene and Bristol Myers Squibb’s multiple myeloma drug Revlimid, which “saw a 7% price increase, from $83,322 to $89,155.”

Big Pharma has a long history of hiking prices, oftentimes at rates above inflation, escalating the crisis of affordability for Americans who face financial uncertainty purchasing their medications and imposing heavy costs on taxpayers.

Biannual Price Hikes

• In January of this year, Big Pharma increased prices on more than 775 brand name prescription drugs, with the median price increase outpacing the rate of inflation at the time.
• In July 2023, Big Pharma increased prices on at least 100 brand name products.
• In January 2023, Big Pharma increased prices on at least 587 brand name drugs. As part of these price increases, 16 brand name drug companies imposed price hikes higher than 10 percent.
• In July 2022, Big Pharma increased prices on more than 100 brand name prescription drugs.
• In January 2022, Big Pharma increased prices on at least 785 brand name prescription drugs.
• In July 2021, Big Pharma hiked prices on 67 brand name prescription drugs.
• In January 2021, Big Pharma raised the list price of 822 brand name prescription drugs.

Read more about Big Pharma’s July price hikes HERE.

Read more about Big Pharma’s price increases in January of this year HERE.

Read more on bipartisan, market-based solutions to hold Big Pharma accountable HERE.