Under pandemic pressure, drugmakers raise prices : Report

Drugmakers including Pfizer Inc, Sanofi SA, and GlaxoSmithKline Plc plan to raise prices on more than 300 medications in the United States on January 1, according to pharmaceutical companies and data analysed by healthcare research firm 3 Axis Advisors.

The hikes come as pharma giants are reeling from the effects of the COVID-19 pandemic, which has reduced doctor visits and demand for some medicines. They are also fighting new drug-pricing rules from the Trump administration, which would reduce the industry’s profitability. The companies kept their price increases at 10 percent or below, and the largest pharmaceutical companies to raise prices so far, Pfizer and Sanofi, kept nearly all of their increases 5 percent or less, 3 Axis said. 3 Axis is a consulting firm that works with pharmacists groups, health plans and foundations on drug pricing and supply-chain issues.