Drug Companies Keep Hiking Already Out-of-Control Drug Prices
Recent reports that Pfizer will raise prices on 41 of its prescription drugs once again undermines the efforts of health care purchasers and pharmacy benefit managers (PBMs) who are fighting to get patients the medicine they need at a more affordable price. This is a continuation of the same pattern we’ve seen for years. In the first half of 2018 alone, the ratio of drug price increases to reductions was 96 to 1.
As purchasers and PBMs, we are committed to negotiating for the lowest costs for millions of patients in the face of these unsustainable drug prices and relying on market-based tools and competition to increase access. As policymakers look for solutions to ease the burden of high drug prices on patients, it is clear that any meaningful change must address the problem at its root: the high and rising drug prices set by drug companies.