More drugs see price hikes yet at a lower rate than last year

 

• As details on the newly implemented drug price hike pour in, the analysts point to a higher number of drugs becoming more expensive this year, yet at a less sharp rate than the last year.
• The Wall Street Journal reports an average price hike of 3.3% from about 70 drug manufacturers in the new year, citing the data from software maker from Rx Savings Solutions. In comparison, 50% fewer products from more than 60 companies saw an average increase of 5.8% in prices in 2020.
• Pfizer (NYSE:PFE) and Sanofi (NASDAQ:SNY) have led the pack to raise the prices by 5% or less, with the former including over 200 products in the list, compared to more than a dozen drugs selected by the latter.
• Noting that the hike was necessary to fund research, a spokeswoman from the leading COVID-19 vaccine maker said that the adjustment at 1.3% for all products in the portfolio was in line with inflation. Meanwhile, a spokesperson from Sanofi has stated that none of its price increases will exceed the expected growth of U.S. healthcare spending at 5.1%.
• According to the analysis, with a price increase of 31% for its hypertension therapy, Dutoprol, ADVANZ PHARMA (OTCPK:CXRXF) has affected the sharpest price increase. The generics drugmaker, Teva Pharmaceutical (NYSE:TEVA), and Canada-based Bausch Health (NYSE:BHC) have joined in with a price hike for about 15 and 40 drugs in their portfolios, respectively.
• GlaxoSmithKline (NYSE:GSK) has introduced an average price increase of 2.6% across the portfolio, according to a company spokesperson. Based on data from Rx Savings Solutions, GSK’s shingles vaccine Shingrix and meningitis vaccine Bexsero have each seen a price hike of 7%. Citing the data from healthcare research firm 3 Axis Advisors, Reuters reports a price increase of 8.6% for its diphtheria, tetanus, and pertussis vaccine, Pediarix.
• https://seekingalpha.com/news/3648194-drugs-see-price-hikes-yet-lower-rate-last-year