by: Tracey Watson
Tuesday, January 08, 2019
January is a financial disaster for most people. After all the riotous holiday spending of December, the reality of the new year signals an abrupt end to festive cheer. Recent announcements of price hikes by several pharmaceutical giants are therefore not likely to be well received by cash-strapped consumers.
The Wall Street Journal (WSJ) is reporting that dozens of pharmaceutical manufacturers are adding to the winter blues by raising the prices of hundreds of different drugs –in some cases, quite substantially. Apparently, the billions this sector already drains out of people’s pockets is simply not enough. It would appear that the greed of Big Pharma literally knows no bounds.
Big Pharma announces big increases
According to the WSJ, several pharma companies have wisely tried to minimize annual price increases amid increasing public unhappiness over the high cost of essential drugs. Consumers were outraged, for example, when Mylan Pharmaceuticals hiked the price of the lifesaving EpiPen by more than 480 percent between 2009 and 2016, with a two-pack of autoinjectors now costing a whopping $600.
In another display of blatant disregard for anything other than the bottom line, Turing Pharmaceuticals hiked the price of a $1 pill for treating a life-threatening infection to $750 per pill back in 2015. (Related: Outrageous Big Pharma greed on parade as $1 pill for treating fatal infection suddenly skyrockets to $750 PER PILL!)
The New York Times reported at the time:
Specialists in infectious disease are protesting a gigantic overnight increase in the price of a 62-year-old drug that is the standard of care for treating a life-threatening parasitic infection.