Drug Manufacturers Raise Prices for 648 Brands In 2020 Through September

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16 Brands Increase 10 Percent or More with Mytesi (Napo Pharmaceuticals, Inc) Leading the Way at 230 Percent

FAYETTEVILLE, NEW YORK, UNITED STATES, October 15, 2020 /EINPresswire.com/ — With rising drug prices being one of the biggest health concerns in the United States in 2020, more than 200 drug manufacturers have raised prices on 648 brands with an average price increase of 5.9% through September 2020. This comes in almost one percent lower than last year during the same time period where 664 brands had an average price increase of 6.7%. Among brands taking price increases this year include Nitro-Dur (Ingenus), used to prevent angina, up 50.0%, Nerlynx (Puma Biotechnology), used to treat a certain type of early-stage breast cancer, up 20.8%, and Fanapt (Vanda Pharmaceuticals), used to treat schizophrenia in adults, up 17.7%. Through September, sixteen brands have had price increases of at least 10.0% (see chart). Overall, price increases for the first nine months of 2020 range from a low of 0.6% for Tisseel VHSD (Baxter Healthcare) to 230.0% for Mytesi.

Back in May of this year the manufacturer of Mytesi, Jaguar Health Inc, was asked by Representative Carolyn Maloney, the chair of the House Oversight Committee, and Representative Jackie Speier, a fellow Democratic committee member, to reverse recent price hikes and provide information on the price increases.

Octagam (Octapharma USA), indicated for the treatment of primary immune deficiency disorder, took a price increase of 12 percent back at the beginning of February. In May, the U.S. Food and Drug Administration approved the investigational new drug application for a phase three clinical trial of Octagam on the efficacy and safety for therapy in COVID-19 patients with severe disease progression.

It is important to note, these price changes affect list prices, or Wholesale Acquisition Cost* (WAC), that are set by the drug manufacturers without taking into account rebates, insurance, and other discounts that may be available.

Source
AnalySource® as of October 13, 2020 – Reprinted with permission by First Databank, Inc. All rights reserved. © 2020

* First Databank, Inc Drug Pricing Policy: https://www.fdbhealth.com/drug-pricing-policy

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Source: EIN Presswire