Drug prices climb by 5.8% on average, less than last year

Rx Savings Solutions reports that pharmaceutical companies raised the prices of hundreds of drugs by an average of 5.8%. The drug industry usually sets prices for its therapies at the start and middle of the year. More than 60 companies raised prices in the United States on January 1, the report says.

Rx Savings Solutions reports that pharmaceutical companies raised the prices of hundreds of drugs by an average of 5.8%. The drug industry usually sets prices for its therapies at the start and middle of the year. More than 60 companies raised prices in the United States on January 1, the report says. The average is just below that of a year ago, when more than 50 companies raised the prices on hundreds of drugs by an average of more than 6%, according to the analysis. Pfizer increased prices by than 9% on more than 40 products. The company said 27% of the drugs its sells in the United States will increase in price by an average of 5.6%. A Pfizer spokeswoman said nearly one-half of the company's drugs whose prices rose are sterile injectables typically administered in hospitals, and the majority of those increases total less than $1 per product dose. Drugmakers said their net prices actually declined because of large rebates to PBMs. AbbVie raised the price of its leading rheumatoid arthritis treatment, adalimumab (Humira), the world's top-selling drug, by 7.4%, the analysis shows. Through the first 9 months of 2019, sales of the drug totaled nearly $11 billion. GlaxoSmithKline also raised the prices on several of its therapies, although none by more than 5%.