Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Stock

Drugmakers to raise US prices on over 250 medicines starting Jan. 1

admin by admin
December 31, 2024
in Stock
0
Drugmakers to raise US prices on over 250 medicines starting Jan. 1
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

By Michael Erman

NEW YORK (Reuters) – Drugmakers plan to raise U.S. prices on at least 250 branded medications including Pfizer (NYSE:PFE) COVID-19 treatment Paxlovid, Bristol Myers (NYSE:BMY) Squibb’s cancer cell therapies and vaccines from France’s Sanofi (NASDAQ:SNY) at the start of 2025, according to data analyzed by healthcare research firm 3 Axis Advisors.

Nearly all of the drug price increases are below 10% – most well below. The median price increase of the drugs being hiked Jan. 1 is 4.5%, which is in line with the median for all price increases last year.

The increases are to list prices, which do not include rebates to pharmacy benefit managers and other discounts.

Larger drug price increases were once far more common in the U.S. but in recent years drugmakers have scaled them back after price hikes drew sharp criticism in the middle of the last decade.

“Drugmakers don’t have much real estate any longer to increase prices over time, which means taking greater liberties on launch prices is really the only option they have in the face of expanded penalties for year-over-year price increases,” 3 Axis President Antonio Ciaccia said.

A Reuters analysis of prices for new drugs found that pharmaceutical companies launched new U.S. drugs in 2023 at prices 35% higher than in 2022.

The over 250 drug hikes represent an increase from Dec. 29 last year when drugmakers unveiled plans to raise prices on more than 140 brands of drugs.

Drug companies are also reducing some prices on Jan. 1. Merck & Co (NYSE:MRK) plans to cut the list price of its heavily discounted diabetes drugs Januvia and Janumet “to align the list price more closely to the net price.”

U.S. PAYS MOST

The U.S. pays more for prescription medicines than any other country, and incoming President Donald Trump has vowed to lower drug costs by focusing on middlemen in the U.S. healthcare system.

More drug price increases are likely to be announced by other drugmakers over the course of January – historically the biggest month for drugmakers to raise prices.

Pfizer raised prices of the most drugs on the latest list – more than 60 drugs. As well as a 3% hike on Paxlovid, the company raised prices on medicines including migraine treatment Nurtec and cancer drugs Adcetris, Ibrance and Xeljanz between 3% and 5%.

“Pfizer has adjusted the average list prices of our medicines and vaccines for 2025 below the overall rate of inflation – approximately 2.4% – across many products in our diverse product portfolio,” Pfizer spokesperson Amy Rose said in an email. She said the increases help support investments in drug development and offset costs.

Bristol Myers raised the price of its expensive cancer cell therapies Abecma and Breyanzi by 6% and 9%, respectively. The personalized blood cancer treatments can already cost close to half a million dollars.

A BMS spokesperson said in an email that the company is “committed to achieving unfettered patient access” to its medicines. She said the price of Breyanzi in particular “is reflective of the potentially transformative, individualized treatment in a one-time infusion.”

Sanofi raised prices on around a dozen of its vaccines between 2.9% and 9%.

The largest brand price increases according to the 3 Axis analysis were from Leadiant Pharmaceuticals, a unit of Italy’s Essetifin. The company raised prices around 15% on its Hodgkin’s disease treatment Matulane and about 20% on Cystaran, eye drops to help patients with symptoms from a rare condition called cystinosis.

Spokespeople from Leadiant and Sanofi did not immediately respond to requests for comment.

This post appeared first on investing.com

Previous Post

US to sustain its leading-edge role in global growth during 2025: Wells Fargo

Next Post

Canoo cut at Stifel on liquidity risks

admin

admin

Next Post
Canoo cut at Stifel on liquidity risks

Canoo cut at Stifel on liquidity risks

Trending News

Is it safe to buy these high-yielding S&P 500 stocks?

Is it safe to buy these high-yielding S&P 500 stocks?

January 25, 2025
Domino’s fourth quarter: can pizza giant deliver growth amid international headwinds?

Domino’s fourth quarter: can pizza giant deliver growth amid international headwinds?

February 22, 2025
SELLAS shares tumble on interim trial results

SELLAS shares tumble on interim trial results

January 23, 2025
Subscribe to Insightful Word


    Recent News

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    June 6, 2025
    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    June 6, 2025
    Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    June 6, 2025
    Starlink reportedly secures key licence in India, moves closer to launching services

    Starlink reportedly secures key licence in India, moves closer to launching services

    June 6, 2025

    Recent News

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    June 6, 2025
    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    June 6, 2025

    Latest News

    • China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll
    • FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more
    • Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.