Drugmakers – GSK, Sanofi, Pfizer To Hike US Prices of More Than 200 Drugs In 2020

According to the data analyzed by healthcare research firm 3Axis Advisors, drugmakers like GlaxoSmithKline PLC, Sanofi SA, and Pfizer Inc are planning to hike prices of more than 200 drugs in the United States.

The 3 Axis co-founder Eric Pachman said the prices would be hiked up to 10%, half of them in the range of 4 to 6%. The median price increase will be 5%.

The Median and range could be affected as more price increases will be announced later this week.

The shooting prices of drugs will be a significant issue in the upcoming presidential election. During the 2016 election campaign, President Donald Trump had pledged on bringing the costs down. As he is running for re-election in 2020, he might need to justify the price hike in drugs.

Many drugmakers are forced to keep the price increase below 10%, under pressure from patients and politicians.

Pfizer is planning to increase the prices of more than 50 drugs, including the rheumatoid arthritis drug Xeljanz and Ibrance, the cancer drug that brought $5 billion in revenue this year.

Amy Rose, a spokeswoman from Pfizer, confirmed the price hike. Pfizer is planning to increase the list prices of around 27% of the company’s portfolio in the US by an average of 5.6%. Among the drugs that will face the price hike, 43% are sterile injectables, and most of the increase will be less than $1 per product.

At the same time, GlaxoSmithKline will increase the prices of more than 30 drugs, including the recently acquired cancer drug Zejula, the blockbuster respiratory drugs used in Ellipta inhaler, and the HIV drugs of ViiV joint venture. The prices will be increased from 1% to 5%.

Sanofi and Teva Pharmaceutical Industries Ltd will hike the prices on more than 10 and 15 drugs, respectively. While Sanofi will increase the price between 1% and 5% coveying its commitment to not raise the prices above medical inflation, Teva will increase the prices by more than 6% in some cases.

Source

Author: Namitha Thampi

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