Nearly 500 Medications See Price Hikes in New Year

After only one week into the new year, drug manufacturers have raised the list prices of almost 500 medications. On average, prices on 491 drugs have increased 5.2%, according to GoodRx, a company that tracks the cost of more than 3,000 medications. Neos Therapeutics, Inc.’s attention deficit hyperactivity disorder treatment, Cotempla XR, saw a price jump of 13.2%, the largest increase so far in 2020. Merck & Co., Novartis International AG and Allergan plc are among the companies that raised prices on several of their products, Reuters reports, citing a 3 Axis Advisors analysis. Novartis increased prices on nearly 30 drugs, including one of the most commonly prescribed medications, Cosentyx, which treats moderate to severe plaque psoriasis, ankylosing spondylitis and psoriatic arthritis. Pfizer Inc.’s Diazepam, a treatment for anxiety disorders, alcohol withdrawal symptoms and muscle spasms, saw a price increase of 7.8%.

© 2024 MMIT
Jinghong Chen

Jinghong Chen Reporter

Jinghong has been producing infographics and data stories on employer-sponsored insurance, public health insurance programs and prescription drug coverage for AIS Health’s Health Plan Weekly and Radar on Drug Benefits since 2018. She also manages AIS Health’s annual executive compensation database for top insurers and Blue Cross and Blue Shield affiliates. Before joining AIS Health, she interned at WBEZ, Al Jazeera English and The New York Times Chinese. She graduated from Missouri School of Journalism with a focus on data journalism and international reporting.

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