Drugmakers hike over 300 drug prices in '21 as pandemic, politics put revenue at risk

by   |  VIEW 1027

Drugmakers hike over 300 drug prices in '21 as pandemic, politics put revenue at risk

In the wake of a grim sales outlook amid a pandemic at large alongside rising political pressures taking a greater toll on big pharmaceuticals’ annual revenues, a barrage of multinational alongside the United States’ home-grown drugmakers including Pfizer Inc., Sanofi and GlaxoSmithKline had been exploring an option to raise prices of over 300 drugs in the US, effective from January 1, officials from deep-pocket drugmakers alongside data analysed by a healthcare research firm 3 Axis Advisors had unveiled late on Thursday.

Apart from that, as beforementioned, latest raise in drug prices in the US came against a baleful backdrop for a deluge of pharmaceutical industry behemoths which has still been reeling from the fiscal consequences of a global-scale public health concern that unsurprisingly had diminished demands for a number of drugs alongside visits from pandemic-wary doctors.

On top of that, the drugmakers had been bracing for a clattering drawdown in the industry’s profitability amid new drug price axing rules from a departing Trump Administration.

Drugmakers to keep price hikes below 10% for 2021

Concomitantly, a report from pharmaceutical data analyser 3 Axis had revealed late in the day that the heavy-weight pharmaceutical giants would likely to keep their price hikes below 10 per cent this year, while the United States’ home-borne Pfizer Inc.

alongside the French drugmaker Sanofi had kept all of their price hikes below 5 per cent or less. Nonetheless, London-based drugmaker GlaxoSmithKline had raised prices for two vaccines, while the British drugmaker had hiked US prices of DPT or Diphtheria, Pertussis and Tetanus vaccine Pediarix and Shingles vaccine Shingrix by 8.6 per cent and 7 per cent respectively.

Besides, the Israeli drugmaker, Teva Pharmaceutical, had raised prices for 15 US drugs including its best-selling asthma steroid Qvar alongside Austedo that treats rare neurological disorders. Nonetheless, according to data from 3 Axis, 2021 had witnessed a substantial depreciation in drug price hikes in the US since drugmakers had raised prices of more than 860 drugs last year.