Drug Companies Raise Cost of Medications 10 percent in 2016
Since the start of 2016, many of the largest drug manufacturers in the United States have significantly raised prices on many of their popular medications. For example, Pfizer Inc., the country’s largest pharmaceutical manufacturer, has raised the prices on over 60 of their branded medications an average of 10.6 percent since the beginning of this year. These products accounted for more than $10 billion in sales yearly in the United States before the price hikes.
Amgen Inc., Allergan PLC, Horizon Pharma PLC, among others, have also raised prices of many of their branded drugs by nine to 10 percent in the U.S. over the past few months. According to the Wall Street Journal, prescription drug spending in the United States rose nearly 3 percent in 2013. The following year, 2014, prescription drug spending rose nearly 15 percent in this country. This rapid rise in medication prices has alarmed many health care providers, physicians, patients, and politicians who fear that this inflation will make medications needed by millions of people unaffordable. The high cost of drugs can have serious consequences to lower-income individuals who depend on medications for better health.
Presidential candidates Hillary Clinton, Marco Rubio, and Bernie Sanders have all publicly criticized these medication price hikes and have proposed various methods of controlling them. Unlike many other countries, the United States currently has no mechanism for reining in runaway drug prices.
If you have had any issues with your insurance company over a medication you need but they refuse to pay for due to price increases, you need to speak with a dedicated pharmaceutical litigation attorney. The law offices of Farah & Farah have been representing clients against insurance companies for years. Contact us today at (800) 533-3555 for a free consultation.
