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%.
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