Several drug makers celebrated the new year with substantial single-digit price hikes, while a new survey indicated that prices for brand-name medicines are expected to rise 3 percent to 4 percent annually over the next three years.
Leading the way among drug makers was Allergan (AGN), which boosted the list prices for 18 medicines by 9.5 percent, a level that allowed the company to stick to its controversial pledge to avoid double-digit price hikes. That move was made as part of a so-called social contract issued more than a year ago amid mounting anger over the cost of medicines. Only a few other drug makers formally agreed to follow suit.
This week, however, several other companies similarly raised list prices on various medicines between 8 percent and 9 percent, including Amgen (AMGN), Biogen (BIIB), Horizon Pharma (HZNP), Teva Pharmaceuticals, (TEVA), Insys Therapeutics (INCY), Collegium Pharmaceuticals (COLL), Supernus Pharmaceuticals (SUPN), and Synergy Pharmaceuticals (SGYP), according to reports from analysts at Jefferies and Cowen. Price hikes from still more companies may be disclosed in coming days.
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