Tag: Drug Prices

New Drug Prices Spiked in 2023 as Biden Admin Seeks to Keep Costs Down

Ohio Star Staff
Joe Biden Drug Costs

Pharmaceutical companies set median starting list prices 35% higher in 2023 than the previous year, despite the Biden administration’s ongoing efforts to tamp down on surging costs, Reuters reported Friday.

The median list price for a drug being placed on the market, many of which were for rare diseases, was $300,000 in 2023, which is up from a median price of $222,000 in 2022, according to an analysis by Reuters of 47 drugs. The Biden administration has made it a goal to tame drug prices, announcing steps like imposing automatic rebates to Medicare for drugmakers that raise their prices faster than the rate of inflation, which does not cover the starting list price.

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Big Pharma Raises Hundreds of Drug Prices Despite Biden Admin Efforts to Keep Costs Down

Ohio Star Staff
Pharmacist

Top pharmaceutical companies raised the list price on 775 brand-name drugs in just the first half of January, even as President Joe Biden aims to keep prices low, according to The Wall Street Journal.

The median price hike of the drugs was around 4.5%, with some rising by 10% or more, despite an inflation rate of 3.4% year-over-year in December, according to data from 46brooklyn Research acquired by the WSJ. The price hikes are in contrast to the president’s efforts to tame rising drug prices, taking actions such as imposing automatic rebates to Medicare for drugmakers that raise their prices faster than the price of inflation, which first went into effect in December, affecting 48 drugs covered under Medicare Part B.

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