{"id":1793219,"date":"2023-01-03T06:49:40","date_gmt":"2023-01-03T11:49:40","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1793219"},"modified":"2023-01-03T06:50:21","modified_gmt":"2023-01-03T11:50:21","slug":"pharma-companies-to-hike-cost-of-over-350-drugs-in-2023-analysis","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pharma-companies-to-hike-cost-of-over-350-drugs-in-2023-analysis\/","title":{"rendered":"Pharma companies to hike the cost of over 350 drugs in 2023: Analysis"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fpharma-companies-to-hike-cost-of-over-350-drugs-in-2023-analysis%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1793219&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>The costs of over 350 different drugs are set to rise in the United States this year\u00a0as multiple <a href=\"https:\/\/www.theepochtimes.com\/t-pharmaceutical-companies\">pharmaceutical companies<\/a>Includes <a href=\"https:\/\/www.theepochtimes.com\/t-pfizer\">Pfizer<\/a>, prepare for President Joe Biden\u2019s Inflation Reduction Act (IRA) to take effect and <a href=\"https:\/\/www.theepochtimes.com\/t-inflation\">inflation<\/a> Continues to soar.<\/p>\n<p>Pfizer, AstraZeneca, GlaxoSmithKline, Bristol Myers Squibb, and Sanofi are among several drugmakers set to raise prices on more than 350 products from January,\u00a0according to an analysis conducted by health care research firm 3 Axis Advisors.<\/p>\n<p>Along with the IRA, the price hikes are also in response to the soaring cost of living and continued\u00a0supply chain constraints that have led to higher manufacturing costs.<\/p>\n<p>Under the IRA, the government\u2019s Medicare program will be able to directly negotiate the prices of some drugs\u00a0that don\u2019t have competition\u00a0starting in 2026. These increases will be applied to list prices and do not include rebates for pharmacy benefit managers or other discounts.<\/p>\n<p>The Medicare health insurance program covers individuals who are\u00a065 or older and those with certain disabilities.<\/p>\n<p>Specifically, the provision allows\u00a0the government to negotiate a \u201c<a href=\"https:\/\/www.medicare.gov\/about-us\/inflation-reduction-act\">fair price<\/a>\u201d Medicare Part D will cover 10 drugs by 2023. The prices for those drugs will be implemented three-years later. The negotiated price list expands to 15 drugs in\u00a02027 and 2028 and 20 in 2029.<\/p>\n<p><a href=\"https:\/\/www.theepochtimes.com\/t-drugs\">Drugs<\/a> For price negotiation in 2026, the following will be offered:\u00a0<a href=\"https:\/\/www.kff.org\/medicare\/issue-brief\/explaining-the-prescription-drug-provisions-in-the-inflation-reduction-act\/\" target=\"_blank\" rel=\"noopener\">announced<\/a>\u00a0by Sept. 1, 2023, and manufacturers that don\u2019t\u00a0follow the negotiation requirements will be subject to tax and penalties.<\/p>\n<figure id=\"attachment_4071933\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2021\/10\/27\/2021-10-27T110506Z_1_LYNXMPEH9Q0NV_RTROPTP_4_BRISTOL-MYERS-SQUIBB-USA-1200x800.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-medium wp-image-4071933\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/2021-10-27T110506Z_1_LYNXMPEH9Q0NV_RTROPTP_4_BRISTOL-MYERS-SQUIBB-USA-600x400-1.jpg\" alt=\"Bristol Myers sign\" width=\"600\" height=\"400\"   style=\"display:none\"><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4071933\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/2021-10-27T110506Z_1_LYNXMPEH9Q0NV_RTROPTP_4_BRISTOL-MYERS-SQUIBB-USA-600x400-1.jpg\" alt=\"Bristol Myers sign\" width=\"600\" height=\"400\" \/><\/noscript><\/figcaption><\/a> A sign is displayed outside a Bristol Myers Squibb plant in Cambridge, Mass. on May 20, 2021. (Brian Snyder\/Reuters)<\/figure>\n<h2>Drugmakers Increased the Cost of More than 1,000 Drugs by 2022<\/h2>\n<p>Although drugmakers tend to avoid implementing major price hikes, a\u00a0drug pricing non-profit that is related to 3 Axis called 46brooklyn Research found that manufacturers raised the prices of 1,400 different drugs in 2022, marking the\u00a0most increases since 2015.<\/p>\n<p>46brooklyn reported that the median price rise for drugs was 4.9 percent, and the average was 6.4 percent. These increases are however lower than current inflation rates in America.<\/p>\n<p>However,\u00a0Antonio Ciaccia, president of 3 Axis, said that the IRA would implement a dynamic in which drugmakers launch products at higher costs so that further price hikes aren\u2019t required.<\/p>\n<p>An example is\u00a0Biogen\u2019s highly controversial Alzheimer\u2019s drug\u00a0Aduhelm, which initially came with a price tag of\u00a0$56,000 per year. That was later halved following public backlash  scrutiny over the drug\u2019s efficacy.<\/p>\n<p>A report released on Dec. 29 by\u00a0the House Oversight and Energy and Commerce committees found that the U.S. Food and Drug Administration\u2019s\u00a0approval process for the drug was \u201c<a href=\"https:\/\/www.theepochtimes.com\/fdas-approval-process-of-controversial-alzheimers-drug-was-rife-with-irregularities-congressional-probe_4952839.html\">rife with irregularities<\/a>\u201d and \u201chighly atypical.\u201d<\/p>\n<p>\u201cDrugmakers have to take a harder look at calibrating those launch prices out of the gate \u2026 so they don\u2019t box themselves in to the point where in the future, they can\u2019t price increase their way back into profitability,\u201d Ciaccia said.<\/p>\n<p>To date, Pfizer has announced the most increases across\u00a089 unique drug brands, including a 6 percent rise in the cost of Xeljanz, a treatment for autoimmune diseases including rheumatoid arthritis and ulcerative colitis, and 7.9 percent increases for cancer drugs Ibrance and Xalkori.<\/p>\n<p>New York-based company Hospira also saw an increase of 10 drug brands.<\/p>\n<figure id=\"attachment_4735304\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/09\/16\/AstraZeneca-logo-1200x747.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-medium wp-image-4735304\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/AstraZeneca-logo-600x374-1.jpg\" alt=\"People pose with syringe with needle in front of displayed AstraZeneca logo\" width=\"600\" height=\"374\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4735304\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/AstraZeneca-logo-600x374-1.jpg\" alt=\"People pose with syringe with needle in front of displayed AstraZeneca logo\" width=\"600\" height=\"374\" \/><\/noscript><\/figcaption><\/a> On December 11, 2021, people pose with a needle and a syringe in front of the AstraZeneca logo. (Dado Ruvic\/Illustration\/Reuters)<\/figure>\n<h2>Price hikes can be attributed to inflation<\/h2>\n<p>London-headquartered\u00a0GSK, formerly GlaxoSmithKline, has announced the second highest amount of increases, with planned hikes so far in 26 unique drugs, including nearly a 7 percent increase on its\u00a0FDA-approved vaccine for the prevention of shingles,\u00a0Shingrix.<\/p>\n<p>COVID-19 vaccine maker\u00a0AstraZeneca is also set to raise prices around 3 percent for its\u00a0blood cancer treatment Calquence, non-small cell lung cancer drug Tagrisso, and asthma treatment Fasenra, while Bristol Myers Squibb is set to hike its\u00a0CAR-T cell therapies Abecma and Breyanzi by 9 percent. Both of those blood cancer treatments were already\u00a0more than $400,000 a year.<\/p>\n<p>Sanofi, a French multinational pharmaceutical company and health care provider, plans to increase the prices of 14 of its vaccines or drugs.<\/p>\n<p>A Pfizer spokesperson attributed the price hikes to much-needed support investments in drug discovery and noted that\u00a0net prices\u2014those the company actually receives for its drugs\u2014have fallen in the past four years owing to what Pfizer says are higher rebates and discounts paid to insurance companies and pharmacy benefit managers.<\/p>\n<p>Brendan McEvoy, spokesperson for AstraZeneca, stated that the company has \u201calways taken a thoughtful approach to pricing, and we continue to do so, considering many factors.\u201d<\/p>\n<p>A spokesperson for\u00a0Bristol Myers Squibb credited the price hikes to increased inflation,\u00a0the value of the therapies, and the \u201cpersonalized nature\u201d Behind the manufacture of CAR-T cells therapies.<\/p>\n<p>A spokesperson from Sanofi stated that the price rises in 2023 were expected to be \u201cconsistent with its approach to responsible pricing, adherence to government policies, and the need to respond to evolving trends in the marketplace.\u201d<\/p>\n<p><em>This report was compiled by Reuters<\/em><\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-katabella-roberts\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/ttl7dayERL_WEB_KatabellaRoberts.jpg\" alt=\"Katabella Roberts\" \/><\/a>\n\t\t\t\t\t<\/div>\n<p>Katabella is a journalist for The Epoch Times. She focuses on news from the United States, around the world and in business.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The costs of over 350 different drugs are set to rise in the United States this year\u00a0as multiple pharmaceutical companiesIncludes Pfizer, prepare for President Joe Biden\u2019s Inflation Reduction Act (IRA) to take effect and inflation Continues to soar. Pfizer, AstraZeneca, GlaxoSmithKline, Bristol Myers Squibb, and Sanofi are among several drugmakers set to raise prices on &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1793222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[11959,8016,12961,7428,5458,6997,5975,7137,5861,3819],"class_list":["post-1793219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-pharma","tag-8016","tag-12961","tag-analysis","tag-bongino","tag-companies","tag-cost","tag-drugs","tag-hike","tag-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1793219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1793219"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1793219\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1793222"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1793219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1793219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1793219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}