Drug prices will jump in 2019

Information obtained as a result of a new law in California indicates that major drugmakers are set to significantly increase prices for popular medications next year. The law requires pharmaceutical companies to notify state agencies of plans to raise the cost of a medication by more than 16% over 2 years.

Information obtained as a result of a new law in California indicates that major drugmakers are set to significantly increase prices for popular medications next year. The law requires pharmaceutical companies to notify state agencies of plans to raise the cost of a medication by more than 16% over 2 years. The companies planning on increasing prices in the new year include Novartis, Bayer, Amgen, GlaxoSmithKline, AstraZeneca, and Biogen. In total, 28 companies plan on prices increases substantial enough to trigger the required notification in California. The price increases undercut President Trump’s message that he is cracking down on drug costs. In August, a number of drug manufacturers announced price freezes or pulled back on planned price increases in response to complaints from the president.