The average increase is more than 6%.
NEW YORK — Drugmakers are increasing the price of hundreds of drugs by an average of more than 6%, according to a new analysis by Rx Savings Solutions.
With pressure on the pharmaceutical industry to hold down prices mounting, many of the increases are relatively small. But some generics are seeing steep hikes, and overall increases are exceeding inflation.
Around 40 pharmaceutical companies raised the prices on hundreds of medicines Tuesday, according to Rx Savings Solutions. The average boost of 6.3% included increases on different doses for the same drug.
Allergan stepped up the price of 51 products—27 by approximately 9.5% and another 24 by some 4.9%. The company said it maintained a commitment to responsible pricing.
GlaxoSmithKline PLC boosted prices on three dozen drugs, but by no more than 3% on any product.
The industrywide increases cover list prices, which don’t reflect rebates, discounts and insurance payments. Manufacturers say the upticks accompany rebates they provide to pharmacy benefit managers to get on formularies.
In June, Alex Azar, secretary of the Department of Health & Human Services, said there may be a need “to move toward a system without rebates, where PBMs and drug companies just negotiate fixed-price contracts. Such a system’s incentives, detached from artificial list prices, would likely serve patients far better.”