For Your Health

[basserdan]

Drugmakers start the year by raising prices

By: Yoel Minkoff, SA News Editor 
Jan. 2, 2019 4:34 AM ET

* More than three dozen drugmakers began 2019 by raising the prices on hundreds of medicines, according to an analysis from Rx Savings Solutions.

* The average increase was 6.3%, including rises on different doses for the same drug, as pressure grows on the industry over prices.

* Other companies like Allergan (NYSE:AGN) set the pace with increases of nearly 10% on more than two dozen products.

* ETFs: XBI, PJP, BBH, FBT, XPH, PBE, IHE, SBIO, PPH, BBC, BBP

* Update: AGN confirmed that it raised prices on 51 products, 27 by ~9.5% and 24 by ~4.9%. CEO Brent Saunders announced two years ago that the company would only hike prices once each year. It does not expect to pocket any additional monies from the increases considering the ever-increasing discounts and rebates to insurers, pharmacy benefit managers and government programs.

* Generic drug maker Hikma Pharmaceuticals (OTCPK:HKMPY) hiked the price of its morphine by 10%, anesthetic ketamine by 20% and blood pressure med enalaprilat by 30%. All three increases were less than $1 per vial according to CEO Steve Weiss, adding that the company reduced prices on some offerings.

*GlaxoSmithKline (GSK -1%) increased prices on 36 drugs, none more than 3%.

* Now read: Why Is Allergan Stock In Freefall?
https://seekingalpha.com/news/3419859-drugmakers-start-year-raising-prices?ifp=0 ;