Posted by Michael Wonder on 10 Jul 2019
Drug makers boost prices up to 909%, defying political pressure
10 July 2019 - Bipartisan efforts to lower drug prices in Washington have not prevented drugmakers from going about their business and raising drug prices, according to Wells Fargo & Co.
In fact, analysts at the firm found that pharmaceutical companies are getting aggressive in their price hikes again. Wells Fargo’s analysis of Wolters Kluwer PriceRx data found that companies have raised medicine costs by 27% on average last month, with a subsidiary of Teva Pharmaceutical Industries Ltd hiking the price for a generic anti-diuretic by 909%.
Closely held Epic Pharma came second on the list of top increases, jacking up prices on two versions of its drug by 399%. Merck & Co., Fresenius SE, Novartis AG’s Sandoz, and Spectrum Pharmaceuticals Inc. were also on the list.
