At least one drugmaker isn’t heeding President Donald Trump’s calls to lower drug prices.
The Financial Times reported (subscription required) earlier this week that New York-based Pfizer had increased the prices of about 100 drugs, despite Trump claiming that the industry would put “massive” reductions in place. The increases went into effect on Sunday and averaged about 9 percent, compared with 2 percent inflation in the US, the newspaper reported, though prices of five products were reduced by 16-44 percent. The erectile dysfunction drug Viagra’s price went from $73.85 per 100mg pill to $88.45, while Xalatan eyedrops for glaucoma increased from $89.38 per bottle to $107.05.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
The Financial Times story is the latest news in an ongoing national debate over drug prices. The administration released a white paper in May detailing several proposals for bringing prices down, but it remains uncertain when those proposals will be implemented. Last month, a VICE documentary on HBO detailed some of the extreme measures people are taking to circumvent high drug prices, including DIY drugs and potentially going overseas to obtain active pharmaceutical ingredients in their raw form.
And last week, a study published online in JAMA looked into conflicts of interest among doctors prescribing Mallinckrodt’s HP Acthar Gel instead of cheaper corticosteroids despite what the study author called “shaky” clinical evidence supporting use of the former over the latter. Indeed, Medicare spent more than $1 billion on Acthar between 2011 and 2015, making it one of the program’s most expensive drugs. Questcor Pharmaceuticals increased the price from $1,650 per 5-milliliter vial to $23,269 in 2007, and since Questcor’s 2014 acquisition by Mallinckrodt, its per-vial price has risen to $38,892. However, while huge prices increases for niche drugs tend to get the most attention, lead study author Daniel Hartung said those drugs used by broad swaths of the population whose prices rise by 10-15 percent deserve attention as well.
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