Major Pharmaceutical Manufacturers Force 6.6% Average Increases On Weary Customers, Driving Millions to Find Relief For High Prices Through Drug Importation
Washington, D.C. – Americans are being hit with price increases on 866 brand-name drugs by an average of 6.6% in the new year, and more drug price increases are expected. The Campaign for Personal Prescription Importation (CPPI) is predicting that drug price hikes in 2022 will drive increased prescription importation by Americans who are in critical need of affordable medications.
“Big pharmaceutical companies are hellbent on squeezing profits out of seniors and the most vulnerable Americans,” said Jack Pfeiffer, executive director of the Campaign for Personal Prescription Importation. “Seniors and patients with rare and chronic diseases are being hit hardest by these drug price increases. Outrageous drug prices are driving millions of Americans to seek affordable prescription medicine from safe online Canadian pharmacies.”
So far in 2022, more than 90 drug companies including Bayer, GlaxoSmithKline, and Pfizer have increased drug prices by an average of 6.6% and by as much as 16.8%, reports the Wall Street Journal. The price increases are on a wide range of both specialty and maintenance medications, including medications for allergies, arthritis, asthma, cancer, heart disease, high blood pressure, and more. Brand name drug prices increased an average of 276.8% between 2006 and 2020, compared to the cumulative general inflation rate of 32% during the same period. With 89% of Americans over 65 taking prescription medications, and 1 in 3 Americans skipping medications amid the pandemic, any rise in drug prices can be deadly.
January 2022 Drug Price Increases: Breakdown
Generic 19 generic drugs have increased by an average of 12.6%
Brand 791 brand drugs have increased by an average of 4.9%
Total 810 drugs in total have increased by an average of 5.1%
Price increases are based on the list price, which is the official drug price set by the manufacturer. Updated on 1/31/2022
Source: GoodRx
Pfizer alone has raised prices on 96 drugs in 2022. Pfizer’s largest drug price increase by percentage is on Solu-Cortef (16.8%) a corticosteroid used to treat arthritis, allergies, asthma, and other conditions. The average U.S. retail price for 30 vials of 100mg of Solu-Cortef now stands at $1,029.67, while the average price for the same prescription from certified online Canadian pharmacies is just $60.
Every January drug companies raise prices on hundreds of prescription drugs in the U.S. In 2021 Americans experienced 1,260 drug price increases. The 2021 price increases on brand name drugs equated to a $958 average pre-rebate drug cost per claim for Americans on Medicaid.
Five million Americans import their medications as a result of high drug prices, estimates the CDC. Americans importing their medications report saving an average of $2,736 a year from certified online Canadian pharmacies compared to costs in the U.S. Price comparisons of prescription drugs find that online Canadian pharmacy prices are 50% to 90% more affordable than prices at AmazonPharmacy, GoodRx, and leading U.S. pharmacy competitors.