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Analysts: Drugmakers, Federal data show prices for at least 350 drugs to rise

Medicament pills on medical blue background
Posted at 2:39 PM, Jan 04, 2023

Analysis of data by research firm 3 Axis Advisors reportedly found that big drugmakers have signaled price increases are to come in the U.S. for more than 350 prescription drugs, which could come as early as January, accordingto areport from Reuters.

Pharmaceutical analysis outlet Fierce Pharma reported on Wednesday that both 3 Axis Advisors and the drug cost non-profit 46brooklyn, which analyzes federal data to build a database, found that the prices for large-selling products from a list of major drugmakers have gone up.

As drug price reform approaches because of the Inflation Reduction Act (IRA), analysts say they've begun to already see price increases in 2023.

The IRA passed in August and would give Medicare the ability to negotiate drug prices beginning in 2026.

Bio Pharma Dive reported that over 1,800 drugs have seen price increases since Dec. 1, 2022.

Analysis found that drug price hikes can be hard to track, and researchers often depend on what drugs sell for at their wholesale cost.

A recent report from the U.S. Department of Health and Human Services(DHHS) said that actual drug sales from Manufacturers aren't always accurately reported to the federal government.

DHHS found that potential overpayment by the Medicare program is the consequence.