Next month, the pharmaceutical industry will raise prices on more than 500 medications, leaving many Americans scrambling to figure out how to afford their prescriptions. While the Biden administration claimed to have a solution to save Americans money, it fails to deliver.
According to data published by 46brooklyn, drugmakers raised prices on 1,425 drugs this year, which is down from 2022, which saw 1,460 drugs increase in price.
It is expected that more price changes will be announced in January, which is usually the biggest month for drugmakers to raise prices.
Pharmaceutical giant Pfizer has announced the most price increases for January, accounting for over a quarter of all the drugs with hikes planned.
With Americans still trying to recover from inflation, next year’s pharmaceutical price increases could change the way some consumers prioritize their prescriptions.
According to a KFF poll, about one in five adults, or 21%, reported not having filled a prescription because of the cost while a similar amount reported opting for over-the-counter alternatives. About one in ten adults reported having cut their pills in half or skipped doses of medicine in the last year because of the cost.
Of those polled, more than one in four adults, or 28%, report that it is either “somewhat” or “very difficult” for them to afford to pay for their prescription drugs. Affording prescription drugs is especially difficult for adults who take four or more prescription medications and those in households who earn less than $40,000 annually.
President Joe Biden’s Inflation Reduction Act (IRA), which was supposed to lower drug costs did the exact opposite. The law granted Medicare authority to directly engage in price discussions with drug manufacturers, which the Biden administration claims saves senior Americans more money.
According to the Biden Administration, IRA drug rebates save seniors “as much as $618 per average dose on 47 prescription drugs.”
So much for @POTUS lowering prescription drug prices 🤡🤡🤡
Pfizer, big drugmakers expected to hike prices on at least 500 drugs in January https://t.co/mZ7rlPuvJX via @nypost
— Vicki Magadonian #MAGA (@NoWarningShot_) December 29, 2023
What is not mentioned is that privately insured patients will more than likely pay much more for drugs owing to the rebates.
Under former President Donald Trump, prescription drug prices increased by 2%. Under the Biden administration, prices have increased 5.5% so far.
