Drugmakers Boost Prices Up to 909%, Defying Political Pressure - (Bloomberg via NewsPoints Desk)

  • Analysts at Wells Fargo found that drugmakers are continuing to raise drug prices despite increasing political pressure, Bloomberg reported Tuesday.

  • Using Wolters Kluwer PriceRx data, the analysts uncovered that companies raised prices by 27% on average, including a price hike of 909% for a diuretic sold by Teva.

  • Meanwhile, Epic Pharma increased the prices of two versions of a drug by 399%, while Merck & Co., Fresenius Kabi, Novartis and Spectrum Pharmaceuticals also hiked the prices of products.

  • "To us it appears now that the criticism from politicians and the President has quieted down, companies are more aggressively and broadly pursuing drug price increases again," remarked Wells Fargo analyst David Maris, continuing "we are not so confident that the lull in criticism will continue and could foresee more negative headlines in the coming months."

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