Pharmaceutical Companies to Raise Prices on Over 500 Drugs in the US in January

Pharmaceutical companies including Pfizer of the US, Sanofi of France, and Takeda Pharmaceutical are expected to raise the prices of more than 500 drugs in the United States in January next year. Photograph taken in August 2019 (2023 Reuters / Yves Herman / Illustration / File Photo)

NEW YORK (Reuters) – Pharmaceutical companies including Pfizer ( PFE.N ), Sanofi ( SASY.PA ) and Takeda Pharmaceutical ( 4502.T ) will raise the prices of more than 500 drugs in the United States next January. The hope of do so. This was revealed using data from 3Axis Advisors, a healthcare research company.

The price increase is generally less than 10%. Ever since the pharmaceutical industry came under fire for raising prices too often, it has kept price increases for existing products to less than 10%, and has not accelerated even in times of high inflation.

According to data from 46brooklyn, a non-profit organization that tracks drug prices, the median rate of increase in drug prices since 2019 has been around 5%.

Pfizer announced the largest price increase in January, accounting for more than a quarter of all drugs scheduled for price increases. As well as 124 medicines under its own brand, prices will also increase for 22 items under the Hospira brand.

The company with the second largest number of announcements was Baxalta, a subsidiary of Takeda, which announced price increases for 53 items. A third Belgian company, USB Pharma ( UCB.BR ), plans to raise prices on 40 products.

Sanofi plans to raise prices of typhoid, rabies and yellow fever vaccines by 9%.

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