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Pfizer Reportedly Raises Prices for Dozens of Drugs

Pfizer Reportedly Raises Prices for Dozens of Drugs
(Brad Calkins/Dreamstime)

Tuesday, 03 July 2018 09:58 AM

Pfizer Inc. reportedly has recently boosted the list prices for dozens of its prescription drugs.

It is the second round of increases this year despite mounting public scrutiny, The Wall Street Journal reported.

The increases apply to widely used drugs including lung-cancer treatment Xalkori, Norvasc blood-pressure pills and Lyrica pain capsules, WSJ.com reported, citing drug-pricing data from RELX PLC’s Elsevier information business.

The moves, which were first reported by the Financial Times, separate Pfizer (PFE) from several rivals that have pledged to lift list prices only once every 12 months and by less than 10% overall for the year, as they try to blunt criticism and avoid congressional action.

The Journal reported the prices of 40 drugs were lifted; the Financial Times said Pfizer boosted the prices of 100 products.

Pfizer, one of the world’s biggest drug companies by sales, said it commonly sells its products at a discount and isn’t responsible for how much patients must bear in copays or other out-of-pocket costs, the Journal explained.

Pfizer’s move threatens to fuel the backlash over the soaring cost of medicines in the U.S. and comes just weeks after President Donald Trump claimed the pharmaceuticals industry was about to implement “massive” voluntary reductions, the FT explained.

Pfizer increased the price of some of its best-known drugs, including Viagra, the erectile dysfunction treatment, according to figures seen by the Financial Times.

The price hikes began July 1 and average more than 9 percent — the rate of U.S. inflation is about 2 percent, the FT explained.

Pfizer did apparently cut the prices of five products by between 16 percent and 44 percent, the FT reported, citing the drug-price figures.

In May, Trump blasted drugmakers and healthcare “middlemen” for making prescription drugs unaffordable for Americans, but healthcare stocks rose as experts said the administration avoided taking aggressive and direct measures to cut drug prices, Reuters reported.

Trump said his administration would take aim at the “middlemen” in the drug industry who became “very very rich,” an apparent reference to health insurers and pharmacy benefit managers.

He also said the pharmaceutical industry is making an “absolute fortune” at the expense of American taxpayers.

“Everyone involved in the broken system - the drugmakers, insurance companies, distributors, pharmacy benefit managers, and many others — contribute to the problem,” Trump said.

Trump also placed blame on foreign governments, which negotiate lower drug prices than in the U.S., saying they “extort” unreasonably low prices from U.S. drugmakers.

(Newsmax wire services contributed to this report).

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Pfizer Inc. reportedly has recently boosted the list prices for dozens of its prescription drugs.It is the second round of increases this year despite mounting public scrutiny, The Wall Street Journal reported.
pfizer, drug, prices, wsj, financial times, viagra
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2018-58-03
Tuesday, 03 July 2018 09:58 AM
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