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- The average price hike is 10.5%, or 5 times the rate of inflation.
- The drug hikes come at a time when lawmakers and the Trump administration have vowed to address the problem of rising prescription costs.
Price hikes on prescription drugs are surging in 2019, despite vows from lawmakers and the Trump administration to rein in pharmaceutical costs.
So far in 2019, more than 3,400 drugs have boosted their prices, a 17% increase compared with the roughly 2,900 drug price increases at the same time in 2018, according to a new analysis by Rx Savings Solutions, a consultant to health plans and employers.
Reuters reported on Tuesday that drug makers including Pfizer Inc (PFE.N), GlaxoSmithKline PLC (GSK.L) and Sanofi SA (SASY.PA) were planning to increase prices on more than 200 drugs in the United States on Jan. 1.
Nearly all of the price increases are below 10% and the median price increase is around 5%, according to 3 Axis.
More early year price increases could still be announced.
Soaring U.S. prescription drug prices are expected to again be a central issue in the presidential election. President Donald Trump, who made bringing them down a core pledge of his 2016 campaign, is running for re-election in 2020.
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Many branded drug makers have pledged to keep their U.S. list price increases below 10% a year, under pressure from politicians and patients.
Chaplain Paul Vescio LaTribuna Christian Publishing's CEO is quoted saying, The high cost of prescription drugs is putting American middle class families into poverty. People just can not afford the high cost of their prescription drugs. Millions of people across our nation are being forced to make the choice between paying for their food or medicine, between paying for their electric and other household bills or for their prescription drugs. People having to pay hundreds of dollars out of pocket each month for their medicine is morally wrong.
Chaplain Paul was also quoted saying, The solution in lowering prescription drug prices is for the federal government to create fair pricing guidelines and fair pricing laws that limit price increases by pharmaceutical companies. If I had it my way I would implement price increase caps of no more then a 10% increase within a five year period. I would also allow people to purchase their prescription drugs on the internet from other countries."
Chaplain Paul was also quoted saying, The federal government needs to step up and install fair pricing guidelines for prescription drugs. It truly is a matter of life and death. The Bible teaches us to love thy neighbor as thy self and we are to reach out in helping others by being good Samaritans, it is way past due that we as a nation step up and demand fairness in prescription drug pricing so that all Americans can be afforded a healthier life Amen.
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LaTribuna Christian Publishing is committed to bring news stories that matter most to the public, for more info about the high cost of prescription drugs in America please visit these websites, CBS News at https://www.cbsnews.com/news/drug-prices-in-201...
Reuters at https://www.reuters.com/article/us-usa-healthca...
For more information about LaTribuna Christian Publishing please visit our websites at www.latribunachristianpublishing316.com and www.miraclesofkingman.com
Chaplain Paul Vescio
LaTribuna Christian Publishing
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