The pharmaceutical industry has outdone itself. It is now the most widely hated industry in the US, unseating the federal government as the lowest of the low, according to a new Gallup poll.
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“More drugs are coming out with sky high prices,” notes Tori Marsh, MPH, part of the Research Team at GoodRx, which has been featured on The Dr. Oz Show. “Since last May when we first started tracking the most expensive medications, several newly approved drugs have made it to our list which all have a price of more than $25,000 for a monthly supply.”
It’s a common belief that rising drug prices are due to the high cost of cutting-edge medications, with manufacturers charging a bundle to make back development expenses for their new products. But drug companies have also been steadily hiking prices on older brand-name drugs, a new study reports. Increasing prices for brand-name pills outpaced the nation’s overall rate of inflation nearly fivefold between 2005 and 2016, with consumers paying about 9 percent more every year for the same old drugs between 2005 and 2016.
As the cost of the lifesaving medication skyrockets, some desperate diabetics are rationing — and risking their lives. Was Alec Raeshawn Smith one of them? At first, it seemed like the stomach flu. Weeks before his 24th birthday in May 2015, Alec Raeshawn Smith was overcome by troubling symptoms. His body ached, his stomach hurt and he wasn’t sleeping well. Laine Lu, a co-worker at his restaurant job, urged him to see a doctor. “This is not normal,” she recalls telling him. “Go get checked out.” His mother, Nicole Smith-Holt, worried too
The skyrocketing cost of many prescription drugs in the U.S. can be blamed primarily on price increases, not expensive new therapies or improvements in existing medications as drug companies frequently claim, a new study shows. The report, published Monday in the journal Health Affairs, found that the cost of brand-name oral prescription drugs rose more than 9 percent a year from 2008 and 2016, while the annual cost of injectable drugs rose more than 15 percent.
NEW YORK (Reuters) – Drugmakers kicked off 2019 with price increases in the United States on more than 250 prescription drugs, including the world’s top-selling medicine, Humira, although the pace of price hikes was slower than last year. The industry has been under pressure by the U.S. President Donald Trump to hold their prices level as his administration works on plans aimed at lowering the costs of medications for consumers in the world’s most expensive pharmaceutical market.
The United States has higher drug prices than in other countries where governments control the costs, making it the world’s most lucrative market. Nearly 30 drugmakers have taken steps to raise the prices of their medicines in January, ending a self-declared halt to increases made by a pharma industry under pressure from President Donald Trump.