Prices hiked on 3,400 drugs in first half of 2019

There have been price hikes on more than 3,400 drugs in the United States in the first six months of 2019, according to analysis by Rx Savings Solutions.

Prices increased by an average of 10.5%, a rate five times higher than the rate of inflation, the analysis says.  

Around 41 drugs saw their prices double, increasing by more than 100%, including one version of the antidepressant Prozac (fluoxetine) the cost of which have increased by 879%  

The number of price hikes has increased by 17% compared to the number of price hikes over the same period of time in 2018, during which period there were 2,900 price increases.

The price hikes have come in spite of pressure from the Trump administration on price hiking firms.

Meanwhile four out of five (79%) of Americans believe the drug prices are unreasonable, while three in ten said they had failed to take prescription medicines because costs were too high.

“In the political climate we live in and the conversations we're having, that there are more drug price increases this year -- you would think that wouldn't be the case,” said Michael Rea, founder and CEO of Rx Savings Solutions. “It defines the difficulty that consumers have.”

Louis Goss