Pfizer and Other Drug Makers Raise Prices for Hundreds of Drugs

www.wsj.com

Tha block is hot for drug makers, raising prices for drugs to adjust for the supply and demand of life-saving and life-dependency drugs. Pfizer smoothly raised its prices for more than 40 of its prescription drugs last week, which is the second time it has made price increases this year, despite mounting public scrutiny. Pfizer's drugs increased in the average of 9% and higher and include widely used drugs like lung-cancer treatment Xalkori, Norvasc blood-pressure pills and Lyrica pain capsules, according to drug-pricing data from RELX. The price for a month’s supply of Viagra also rose 9.4% to $2,211 on July 1.

So far this year, companies have made 3,653 price increases on 1,045 different drug products, according to Raymond James & Associates, even as the administration has criticized these drug hikes. Aytu BioScience raised the list price of its sleep aid Zolpimist from $69.88 to $659. The drug is a spray version of zolpidem, the key ingredient in Ambien, which is widely available as cheap generic pills, which sell for less than $10 for a 30-day supply. 

Companies mentioned (YTD): Aytu (-87%), Pfizer (+4%)

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