No one should have any doubt as to whether Pfizer and other pharmaceutical companies will hike up drug prices as often as they can get away with. When it comes to prescription drug prices, pharmaceutical companies have no legal obligation to anyone other than their shareholders. Jake Johnson reports for Common Dreams that Pfizer takes the lead among its peers in hiking up drug prices.
Pfizer raised prices on 125 drugs so far this year. Pfizer profits are already sky high because of the pandemic and sales of its vaccine. In 2022, it is projected to generate$54.5 billion from vaccine sales.
Which Pfizer drugs are getting more expensive? To name three, its pneumonia vaccine, a treatment for breast cancer and a treatment for heart disease. The prices of two of these drugs are going up nearly seven percent. And, the third drug is going up six percent.
How much money are we talking? For some drugs, we’re talking hundreds and even thousands of dollars. For Ibrance, Pfizer’s breast cancer drug, the increase is $901, to nearly $14,000.
Americans are seeing price increases on a total of 554 drugs since the beginning of this year. About one in four of these drugs cost more than $5,000.
Why does Congress continue to let pharmaceutical companies hike up prices? Why won’t the US use its purchasing power to rein in prices on drugs and save lives?
We need Congress to step in. Build Back Better Act, if passed, would rein in drug costs for several dozen drugs and prohibit drug price increases more than the rate of inflation. But, Senator Manchin is blocking its passage.
Here’s more from Just Care:
- Senator Manchin must support lower drug prices in Build Back Better Act
- No link between lower drug prices and innovation
- The deadly consequences of out-of-pocket drug costs
- 2022: Medicare Part D coverage and costs
- Millions safely import low-cost drugs from abroad
