Submitted 10 months ago by L4s@lemmy.world [bot] to technology@lemmy.world
Pharmaceutical companies hiked the price of 775 drugs this year so far, including Ozempic and Mounjaro — exceeding the rate of inflation::Meanwhile, Senate to consider subpoenas to force pharma CEOs testify on prices.
What can we do if even the elected officials are too big a bunch of pussies to take on pharmaceuticals?
So how much of this is because pharma companies have to cap prices of some drugs because of the Inflation Reduction Act, but they still want to keep the revenue looking good for shareholders?
Probably none, because it implies prices wouldn’t have risen this year beyond inflation without the IRA.
This is the best summary I could come up with:
Pharmaceutical companies have raised the list prices of 775 brand-name drugs so far this year, with a median increase of 4.5 percent, exceeding the rate of inflation, according to an analysis conducted for the Wall Street Journal.
High-profile drugs Ozempic (made by Novo Nordisk) and Mounjaro (Eli Lilly), both used for Type II diabetes and weight loss, were among those that saw price increases.
The asthma medication Xolair (Novartis) and the Shingles vaccine Shingrix (GlaxoSmithKline) saw price increases above 7.5 percent, the Wall Street Journal noted.
And a provision in 2021’s American Rescue Plan Act now forces drugmakers to pay Medicaid large rebates if their drug price increases outpace inflation.
On Thursday, Stat reported that Senate health committee chair Bernie Sanders (I-Vt) took steps to subpoena pharmaceutical CEOs regarding a Congressional investigation on high drug prices.
“You have opted not for the most effective way of securing information relevant to the Committee’s important work on drug prices, but for a broad-ranging public spectacle, with witnesses you can question on pending litigation you disagree with,” Merck wrote to Sanders.
The original article contains 647 words, the summary contains 178 words. Saved 72%. I’m a bot and I’m open source!
gregorum@lemm.ee 10 months ago
It is important to keep track of this, but this should shock or surprise nobody.