November 30, 2021

New Report Shows Drug Price Hikes for 7 Medicines Were “Unjustified” and Cost Billions

According to a new report from the Institute for Clinical and Economic Review, prescription drug increases for seven out of 10 medications cost $1.7 billion last year. Researchers also determined that these seven price hikes were “unsupported,” meaning that price increases did not lead to a boost in effectiveness of the drug.

One drug, Humira, accounted for 82 percent ($1.4 billion) of the total cost. The other drugs examined included Krystexxa, which treats chronic gout, and Xifaxan, which treats Irritable Bowel Syndrome. They were among the 250 best-selling medicines in 2020.

“This study shows once again that high drug prices are costing the American people outrageous amounts of money,” said Robert Roach, Jr., President of the Alliance. “The Senate must pass solutions like the Build Back Better Act to rein in drug corporations’ monopoly power over prices.”