Report: Big Pharma Hikes Prices, But Doesn't Improve the Drug

A report from the Institute for Clinical and Economic Review found that eight prescription drugs had price hikes that were so steep they cost consumers nearly $1.3 billion.

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To make matters worse, the report found that none of the price hikes for were supported by any new improvements or clinical data.

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That's right: in one year, prices rose by $1.3 billion, and the drugs didn't get any better. Researchers found no evidence to support the dramatic rise in cost.

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The report states "the price of many existing drugs, both brand and generic, can increase substantially over time, and questions are frequently raised regarding whether these price increases are justified."

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It also notes that "state policymakers have been particularly active in seeking measures to address this issue."

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Some states have proposed legislation that would require drug manufacturers to pay a fee for price increases on drugs that are not supported by evidence of improved clinical value.

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That fee would be based on the price increase from the previous year and go towards helping consumers afford medications.

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In North Carolina, we have yet to see many proposals to address high drug costs. This is likely due to the strength and influence of the Big Pharma lobby.

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But if prices continue to increase by $1.3 billion a year with no improvements to the drug, then legislators must find solutions.