A new year often means higher prices for prescription medicines and 2020 is no exception.
As of Jan. 1, several drug makers raised list prices by approximately 5% or 6% for some of their best-selling medicines, analysts say. So far, in fact, price hikes took effect on more than 300 medicines, according to 3 Axis Advisors, a data analytics and health care consulting firm.
For instance, Gilead Sciences (GILD) increased prices for several HIV pills by 4.8%, Biogen (BIIB) boosted its Tecfidera multiple sclerosis treatment by 6%, Eli Lilly (LLY) raised the cost of two diabetes medicines by 6%, and Pfizer (PFE) increased the list price of its Prevnar vaccine for pneumococcal disease by 7.3%. Notably, AbbVie (ABBV) boosted the price of its Humira rheumatoid arthritis treatment by 7.4%, and this comes after the company reached deals with several other drug makers to delay competition in the U.S. until 2023.