Posted by Michael Wonder on 25 Aug 2023
Mid year drug price hikes are back despite Inflation Reduction Act
24 August 2023 - It’s almost a tradition. At the start and halfway points of each year, many pharmaceutical companies raise drug prices to bolster revenue and reportedly fund new research.
“It’s not just all selling new drugs,” said Juliette Cubanski, deputy director of the Program on Medicare Policy at KFF. “It’s increasing prices on their existing portfolio.” But, this year for the first time in history, drugmakers’ biannual price hikes will be factored into rebates, or partial refunds, that they will have to pay to Medicare if they increase prices above the rate of inflation.
