2020 Sees Price Hike on More 330 Drugs, AbbVie Increases Price of Humira

2020 Sees Price Hike on More 330 Drugs, AbbVie Increases Price of Humira

AbbVie Thursday raised the cost of rheumatoid arthritis treatment Humira, the world’s top-selling drugs, joining different drug manufacturers that have now hiked U.S. prices of over 330 prescription drugs for this year, in accordance with data analyzed by healthcare analysis agency 3 Axis Advisors.

That’s currently under the average of 371 drug price increases in the first two days over the past five years. Nevertheless, more price hikes might still be declared, including some that might be effective as of January 1, 3 Axis stated.

Drug manufacturers Allergan and Novartis raised U.S. prices in early 2019, however, they haven’t declared any 2020 price hikes yet. Neither firm was immediately available for remark.

Nearly all the price increases are under 10%, with the median price increase around 5%, according to 3 Axis.

Drugmakers such as Pfizer and Bristol-Myers Squibb had increased prices on over 250 medicines.

Hovering healthcare costs for U.S. customers and prescription drug prices, in particular, are anticipated to again be a central problem in the 2020 presidential campaign for both parties.

President Donald Trump, a Republican who made bringing them down a central commitment of his 2016 campaign, is running for re-election in 2020.

Under pressure from politicians and sufferers, many manufacturers of branded drugs have pledged to keep their U.S. list price increases under 10% a year.

The U.S., which leaves drug pricing to industry competition, has higher prices than in other developed nations where governments immediately or indirectly control the costs, making it the world’s most lucrative market for drug companies.