Big Pharma Hikes Drug Prices in Midst of COVID-19 Crisis.
The coronavirus pandemic has done little to halt drug manufacturers from increasing prices. In fact, pharmaceutical companies have raised the price of 245 drugs between January 20 and June 20, according to a new analysis by Patients for Affordable Drugs.
The average price increase was 23.8%.
The research found that 75 percent of those price hikes were drugs directly linked to COVID-19 treatment or conditions that place people at higher risk of the virus.
The report examined three categories of drugs that saw price hikes: 61 drugs used for treatment of COVID-19, 30 drugs in COVID-19 clinical trials, and 118 drugs used to manage chronic conditions. As the need for medications to fight COVID-19 grew, drug manufacturers increased the price of 20 key ICU medications and the prices of 30 drugs currently being used in COVID-19 clinical trials.
Drug manufacturers also hiked the prices of 25 cancer medications during this pandemic. One example is Provenge, a drug to treat prostate cancer, that shot up in price by almost $3,500.
The report outlines four distinct policy solutions to stop profiteering on the pandemic.