2y ago

Pharmaceutical companies hiked the price of 775 drugs this year so far, including Ozempic and Mounjaro — exceeding the rate of inflation

Big Pharma hiked the price of 775 drugs this year so far: Report

Pharmaceutical companies hiked the price of 775 drugs this year so far, including Ozempic and Mounjaro — exceeding the rate of inflation::Meanwhile, Senate to consider subpoenas to force pharma CEOs testify on prices.

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It is important to keep track of this, but this should shock or surprise nobody.
At this point, i think the unofficial motto of the US is: Fuck you, PAY ME!
- What's this US shit? These corps are international and Americans pay more (for meds) than anyone else does out of pocket.
  
  That's "free market capitalism", the US insists on having for ya.
- At this point? That was the motto 20 years ago. Now it's just, "Welcome to the United States, Fuck You."
What can we do if even the elected officials are too big a bunch of pussies to take on pharmaceuticals?
- People are only yelling about wedge issues, so real issues cant be looked at
- Since when did pussy become analogous to corrupt?
Organize your workplace today. Unionize. Arm yourself. Organize for social revolution against these rich fucks!
- Will never happen I think. Either you are too poor to risk your job, or too comfortable to risk your job.
  
  People don't realise this...
  
  Will definitely happen at some point if rectification doesnt happen soon. Boiling points > comfort
  
  There are some small steps that have to happen before a revolution, like more community, organization, and education. If we have those, it's less risky losing your job.
  Personally, I joined a discord of anti-fascists (any leftists please join us, it's 'bashthefash') which helps with those things. It's not easy or quick, but don't give up hope
  
  Your username is right. Keep simping for the system. With that attitude what point is there even living?
This is the best summary I could come up with:
Pharmaceutical companies have raised the list prices of 775 brand-name drugs so far this year, with a median increase of 4.5 percent, exceeding the rate of inflation, according to an analysis conducted for the Wall Street Journal.
High-profile drugs Ozempic (made by Novo Nordisk) and Mounjaro (Eli Lilly), both used for Type II diabetes and weight loss, were among those that saw price increases.
The asthma medication Xolair (Novartis) and the Shingles vaccine Shingrix (GlaxoSmithKline) saw price increases above 7.5 percent, the Wall Street Journal noted.
And a provision in 2021's American Rescue Plan Act now forces drugmakers to pay Medicaid large rebates if their drug price increases outpace inflation.
On Thursday, Stat reported that Senate health committee chair Bernie Sanders (I-Vt) took steps to subpoena pharmaceutical CEOs regarding a Congressional investigation on high drug prices.
"You have opted not for the most effective way of securing information relevant to the Committee’s important work on drug prices, but for a broad-ranging public spectacle, with witnesses you can question on pending litigation you disagree with," Merck wrote to Sanders.
The original article contains 647 words, the summary contains 178 words. Saved 72%. I'm a bot and I'm open source!
Manjaro?
- Moan jar
manjaro linux reference??????
The free market can regulate and drugs are a good example of that.
- The free market isnt insanely subsidized by the govt.
  Taxpayers paid for nearly ALL the research that went into those drug patents.
- Drugs aren't a commodity because of patents. Patents should come with a liability to price fairly.
- "The free market can regulate according to my own pricing and the cartel's."- a CEO
  
  Hopefully people get the sarcasm in my comment.
  Drugs like everything else can't follow the free market. Free market means more wealth for the wealthiest and nothing for the 99%.
I read through this article and the articles it linked to and wasn’t able to find a list of price increases, or even just the worst ones. The 4.5% increase is the most I saw and that’s barely more than inflation. The Reuters article they cited said that price increases during the pandemic were below inflation, so this kinda averages it out.
The Reuters article had this tidbit:
Truist analyst Robyn Karnauskas said in a note that Eli Lilly (LLY.N), opens new tab planned to lower the prices of its Humalog and Humulin insulins by 75.8% and 70% respectively on Dec. 30, and to raise the price of its popular diabetes drug Mounjaro by 4.5% on Jan. 1. These changes were not included in 3 Axis' data.
I’ll take a 4.5% price increase alongside a 70-75% price cut any day of the week. And I say that partly because much (most?) of the demand for Mounjaro is because it can be used off-label for weight loss and not for it as a drug to treat diabetes. I’m not saying weight loss drugs should be unaffordable, but it does seem reasonable to treat off-label weight loss drugs as a luxury.
So how much of this is because pharma companies have to cap prices of some drugs because of the Inflation Reduction Act, but they still want to keep the revenue looking good for shareholders?
- Probably none, because it implies prices wouldn’t have risen this year beyond inflation without the IRA.
  
  I think the point is, are they making up for Insulin price cap by hiking everything else up by insane amounts?
  I dont think theyre arguing greedflation wouldnt happen by pharma, just is it more than expected due to IRA?

32 comments