Drug Industry Take Advantage of COVID-19, Raising Your Prices Without You Knowing

It is expected for Medicare Part D prescription drug prices to change at the beginning of every year but in less than half a month into 2021, there have been more price hikes than in the entire year of 2020 combined. Over 813 drug prices have increased compared to the total of 737 drug prices last year. In the span of two weeks, the drug industry almost broke the record set in the month of January 2018, which was 895.

According to a survey administered by KFF Health Tracking Poll, the cost of prescription drugs remains among the top issues for Americans. Three in 10 people say they haven’t taken their medicine as prescribed due to cost increases along with many who are forced to skip doses or cut their pills in half.

The most commonly used drugs with price increases this year:

  • Cosentyx, injections used to treat inflammation from plaque psoriasis, made by Novartis — 7%.
  • Ambien, sleep aid, Sanofi — 5%.
  • Epidiolex, treats seizures, GW Pharma — 8.2%. 
  • Humira, injections for arthritis, plaque psoriasis, Crohn’s disease, ulcerative colitis, made by AbbVie — 7.4%

Another record might come as well. To date this year, 100% of U.S. changes in drug prices this month have represented increases. For the record, that has never come close to happening in the U.S. The high for the month of January over the previous 10 years has been a 72% increase. Health experts are concerned about what the rest of the year under the Biden administration has in store for drug prices.

Related Medicare Resources:

2021 Medicare Part D Costs: What Will Your Prescriptions Cost?

Rising Drug Prices Create Crisis for Common Senior Prescriptions

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