Washington DC – The Wall Street Journal reports that over a dozen drug companies have already begun jacking up prices while the Trump administration continues its repeal-and-sabotage agenda. In response, Brad Woodhouse, executive director of Protect Our Care, issued the following statement:
“It’s a new year, but drug companies are still up to their same old tricks and all the Republicans in Congress are offering is smoke and mirrors. With laws rigged to benefit the big drug companies and after Republicans rewarded them with huge tax breaks, more than a dozen drug companies are once again jacking up prices for millions of Americans. Republicans even went to court to overturn the health care law that makes sure health insurance companies have to pay for some of our prescription drug costs. It’s past time for Congress to take real action on drug prices and reject the Trump administration’s sabotage agenda which benefits drug companies, not the American people.”
Background:
Wall Street Journal: Drugmakers Raise Prices on Hundreds of Medicines. “Pharmaceutical companies are ringing in the new year by raising the price of hundreds of drugs, with Allergan AGN +1.28% PLC setting the pace with increases of nearly 10% on more than two dozen products, according to a new analysis.” [Wall Street Journal, 1/1/19]
Axios: New Year, New Drug Prices: “Pharmaceutical companies are ringing in the new year by raising the price of hundreds of drugs,” The Wall Street Journal’s Jared Hopkins reports.” [Axios, 1/2/19]
Wall Street Journal: Pfizer To Raise Prices On 41 Drugs In January. “Pfizer plans to raise the list prices of 41 of its prescription drugs, or 10 percent of its portfolio, in January, according to a person familiar with the matter. The plans mean Pfizer would resume its practice of raising drug list prices after the company rolled back some increases in July under criticism from President Trump.” [Wall Street Journal, 11/16/18]
In October, Pfizer Announced That It Would Return To “Business As Normal,” Raising Prices Despite Trump Pressure. “Pfizer CEO Ian Read said the company will return to ‘business as normal’ on its drug pricing in January, after agreeing to hold off on price increases earlier this year following pressure from President Trump…Trump has touted his efforts to get drug companies to hold off on price increases. Fighting high drug prices has been a major focus of his presidency. Pfizer, though, affirmed on Tuesday that the price increases could return in January, given that the agreement only lasted until then.” [The Hill, 10/30/18]