CBS News: ​Drugmakers Ring in 2016 with Hefty Price Hikes

CBS News: ​Drugmakers Ring in 2016 with Hefty Price Hikes

If you need one of a number of drugs treating ailments ranging from heart arrhythmia to severe pain, you may be feeling another type of discomfort this year: a hit to the wallet.

Drugmakers including Pfizer (PFE) and Allergan (AGN) have boosted prices on many brand-name medications since last month. The price hikes, ranging from 1.3 percent to 42.3 percent, reflect the list prices, which don't represent the discounts and rebates negotiated by insurers and health care providers.

Since Jan. 1, Pfizer has boosted the list prices of dozens of drugs, with the average increase set at 10.6 percent, according to a new report from Deutsche Bank. Even though it's common practice for drugmakers to lift prices at the start of each year, the pharmaceutical industry is increasingly under the spotlight for what some lawmakers and patients allege amounts to price gouging.

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Topics: News

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Truveris Team