Offbeat Pfizer reportedly raises cost of 100 drugs, including Viagra

17:15  03 july  2018
17:15  03 july  2018 Source:   cbsnews.com

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A month after President Donald Trump signaled drug companies would soon be slashing prices, the nation's largest pharmaceutical company is reportedly upping the costs of 100 drugs and treatments. Pfizer has increased the price of some of its better-known drugs , including the erectile dysfunction

Pfizer raised the price of over 100 drugs this year. Deena Beasley Also in 2014 the company, currently headquartered in New York, spent .4 billion on research and development, .1 billion on sales, informational and administrative costs , including advertising, and nearly billion to buy

A month after President Donald Trump signaled drug companies would soon be slashing prices, the nation's largest pharmaceutical company is reportedly upping the costs of 100 drugs and treatments.

Pfizer has increased the price of some of its better-known drugs, including the erectile dysfunction treatment Viagra, according to a story published Monday by the Financial Times. The increases, which took effect July 1, are just over 9 percent on average, well above the rate of inflation, which is about 2 percent.

It's the second such move this year by Pfizer, with the cost of some of its drugs up nearly 20 percent since January, according to figures viewed by the news outlet.

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You are now leaving VIAGRA .com to enter a website neither owned nor operated by Pfizer . This Offer is not valid when the entire cost of your prescription drug is eligible to be reimbursed by your private insurance Please see full prescribing information for VIAGRA (25 mg, 50 mg, 100 mg) tablets.

(Reuters) - Pfizer Inc , which plans a 0-billion merger with Ireland-based Allergan Plc to slash its U.S. tax bill, on Jan. 1 raised U.S. prices for more than 100 of its drugs , some by as much as 20 percent, according to statistics compiled by global information services company Wolters Kluwer.

The average wholesale cost of a 100 mg Viagra pill is now $88.45, up almost 20 percent from $73.85 at the beginning of 2018, while a bottle of Xalatan eyedrops for glaucoma currently runs $107.05, compared to $89.38 at the start of the year, according to the report.

Pfizer, which generated $52.8 billion in revenue last year, did reduce the cost of five products by between 16 percent and 44 percent, the Financial Times said.

Pfizer did not immediately return requests for comment from CBS MoneyWatch. The company told the Financial Times that the list price for the majority of its medicines "remains unchanged," and those prices do not reflect what most patients or insurance companies ultimately pay for the drugs.

The surging cost of drugs in the U.S. has spurred public anger and verbal barbs from the president, who before taking office accused the industry of "getting away with murder."  Mr. Trump at the end of May announced a plan to lower drug prices, but the proposal did not include a timeline for implementation. On May 30, he even declared that large drug companies would be announcing "voluntary massive drops in prices."

That has yet to happen. Indeed, a recent survey found nearly half of diabetics are cutting back on treatment because of the skyrocketing price of insulin, with the American Medical Association last month calling it "shocking and unconscionable" that patients are struggling to afford such a basic drug.

Many Drugmakers Ignore Trump—and Raise Prices Anyway .
President Donald Trump succeeded in convincing Pfizer Inc. to hold off on price increases it had planned for this month. But the pharmaceutical giant wasn’t the only drug company seeking to charge more for its products in recent days.In the first 10 days of July, at least ten other drugmakers and biotechnology companies raised prices on at least 20 brand-name medicines, a review of pricing data from Rx Savings Solutions and Bloomberg Intelligence shows.The increases, for medications for cancer, diabetes, multiple sclerosis, and liver disease, were generally each less than 10 percent.

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