GlaxoSmithKline, Pfizer, Sanofi, and some other drugmakers have decided prices of around 200 drugs in 2020. The price hike is expected to be up to 10 percent across the board, according to Axis Advisors. GlaxoSmithKline said it will raise prices of drugs like Zejula, Ellipta inhaler, and some other products in its HIV-focused ViiV joint venture. There are a total of 30 drugs manufactured by GlaxoSmithKline that will get costlier. Similarly, Sanofi has decided to raise prices of at least 10 drugs and the hikes will be in the range of 1 percent to 5 percent. The drugmaker said that it won’t raise prices of drugs above medical inflation.
Arthritis medication Xeljanz and cancer medication Ibrance manufactured Pfizer are also expected to expensive by around 5 percent. According to Pfizer spokesperson Amy Rose, over 40 percent of drugs that will see an increase in prices are sterile injectables. Some drugs will see a hike of less than USD 1. Another company on the list is Teva Pharmaceutical Industries Ltd. It has increased prices of over 15 medicines and some of them will be more than 6 percent costlier. A company’s spokesperson said that it is a regular affair to review prices in the context of the cost of production, market conditions, and availability. The entire list of drugs that will get costlier is yet to be released.
The United States has higher drug prices when compared to other countries as it leaves pricing to market competition. This has made it the world’s most lucrative market for drug manufacturers. In several countries, drug prices are directly or indirectly controlled by governments. The hike in drug prices comes just days after the Donald Trump administration proposed a rule to allow the import of cheaper medicines from Canada. Trump, a Republican, has failed to deliver on a promise to lower drug prices before the next presidential election. Earlier in December, the House of Representatives passed a bill that would cap prices of some of the most expensive drugs in the United States based on international prices.
