Could Trump’s drug industry criticism be working? Latest drug price trends are good for Americans

[sharenow]

Evie Fordham, DCNF

Drug prices on the whole looked much better in August than they did in July, which may be due in part to President Donald Trump’s critiques of the pharmaceutical industry, according to a Wells Fargo report on monthly drug prices.

“We believe that August essentially shows that President Trump’s criticism might be working and may at least have deterred some companies from raising price in the near-term and ahead of the mid-term elections,” stated the report, which was published Wednesday.

Drug companies slashed prices on 48 drug products in August, up from 32 drug products in July, according to the report.

Many of those price cuts were substantial. The average price decrease per product was approximately 41 percent, and the median price decrease per product was approximately 39 percent.

Drug companies also hiked the prices of 60 products in August, but that compares to 110 price hikes in July. The median price hike per product was less than 10 percent, reported Axios.

The report warned against too much celebration over the decrease in price hikes, however.

“July is historically a more popular month for drugmakers to hike prices, because it kicks off the second half of the year,” the report stated.

Many generic drug prices experienced extremely large increases, like the 404 percent price increase on the antibiotic nitrofurantoin, reported Axios. Hospitals have had trouble obtaining certain important generics recently, and the Food and Drug Administration is trying to incentivize drugmakers to invest in the generics market to increase competition and lower prices.

Follow Evie on Twitter @eviefordham.

Send tips to [email protected].

For licensing opportunities of our original content, please contact [email protected].

DONATE TO BIZPAC REVIEW

Please help us! If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to BPR to help us fight them. Now is the time. Truth has never been more critical!

Success! Thank you for donating. Please share BPR content to help combat the lies.
[sharenow]

Comment

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

PLEASE JOIN OUR NEW COMMENT SYSTEM! We love hearing from our readers and invite you to join us for feedback and great conversation. If you've commented with us before, we'll need you to re-input your email address for this. The public will not see it and we do not share it.

Latest Articles