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Drug Prices Soar Despite Trump’s Promises

Despite President Trump’s promise to lower the cost of prescription drugs, prices continue to skyrocket under his administration. Drug companies have increased the prices of thousands of medications in 2019. 

The Wall Street Journal: Drugmakers Push Their Prices Higher. “Drugmakers initiated a new round of price increases on their products Monday, with some of them affecting generic hospital-administered injectable drugs that are in short supply…All told, 20 companies increased the list prices of over 40 prescription drugs by an average of 13.1%, according to Rx Savings Solutions, which sells software to help employers and health plans choose the least-expensive medicines. On July 1 last year, 16 companies raised the list prices of dozens of drugs by an average 7.8%.” [The Wall Street Journal, 7/1/19

Politico: Drug Prices Persistently Rising Despite Trump Efforts.On Monday, 104 brand-name and generic drug prices rose by a combined 13.1 percent on average, compared to a 7.8 percent average increase in the price for 318 products a year earlier, according to data from Rx Savings Solutions, a health software company.” [Politico, 7/1/19]

CBS News: Drug Prices In 2019 Are Surging, With Hikes At 5 Times Inflation — “More Than 3,400 Drugs Have Boosted Their Prices In The First Six Months Of 2019.” “Price hikes on prescription drugs are surging in 2019, despite vows from lawmakers and the Trump administration to rein in pharmaceutical costs. So far in 2019, more than 3,400 drugs have boosted their prices, a 17% increase compared with the roughly 2,900 drug price increases at the same time in 2018, according to a new analysis by Rx Savings Solutions, a consultant to health plans and employers. The average price hike for those 3,400 drugs stands at 10.5%, or about 5 times the rate of inflation, the study found.” [CBS News, 7/1/19]

Rising Prices For Commonly Used Drugs, Such As Saline, Hurt Hospitals. “Bob Ripley, chief pharmacy officer at Trinity Health, a nonprofit hospital system in Michigan, said he was surprised to see B. Braun raise prices for products used regularly, such as a saline-solution product whose new price will affect Trinity’s budget. ‘We’re going to buy it, we’re going to pay for it,” he said. “We’re going to have to trim the budget somewhere else.’” [The Wall Street Journal, 7/1/19]