Big pharma says new year, new price hikes

Earlier this year, the Trump Administration said it was going to target drug manufacturers and bring costs down.

Corporations came back with a list of drugs they were going to increase the price.

Since July, when President Donald Trump publicly shamed "Pfizer & others" by tweet for price increases, drugmakers have put price hikes on a temporary freeze.

After some bickering back and forth with the Trump Administration earlier this year, pharmaceutical companies are lifting their freeze and will increase drug prices in the next year.

The Wall Street Journal reports Pfizer plans to increase the prices of 41 drugs in January.

Reuters reports nearly 30 drug companies, like Novartis, Allergan, GlaxoSmithKline, Amgen and Biogen will have a price hike.

GDP Advisors chief strategist Seth Denson said people need to do their research.

“There are generic alternatives, too. And, so this is the reason why drug manufacturers are raising the price, they’re not making the money they used to off these drugs. So, this is kind of one final push to generate revenue off of some of these specific drugs,” said Denson.

He said as Congress is setting its agenda, prescription drugs will be a hot topic in 2019.

“Prescription drugs will be a main topic of conversation as we move forward in 2019 with the Democrats taking control of the House of Representatives and they’ve been no big fans of big pharma,” said Denson.

He said Health and Human Services Secretary Alex Azar will keep this topic in the front, since he understands how the pharmaceutical industry approaches the marketplace.

Denson suggested checking out to find drug prices, coupons and drug alternatives.


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