Keywords: USA, GAO, Drug pricing, PhRMA, Health care reform, Competition

“Extraordinary” drug price hikes identified by USA’s GAO

Article | 12 January 2010

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A study from the USA’s General Accountability Office, the investigational body of Congress, has revealed "extraordinary price increases" for 321 brand-name drugs, with prices jumping by 100% to 499% and, in a few cases, by over 1,000%. The number of drug price hikes more than doubled from 2000 to 2008, with most of these products maintaining their higher prices over time, the report found.

The growing cost of brand-name prescription medicines - Food and Drug Administration-approved drugs that typically have patent protection - is a concern for patients, payers, and providers of health care - particularly when price increases are large and occur suddenly, stated the GAO, whose investigation came after a 2008 congressional hearing by the Joint Economic Committee drew attention to some small market prescription drugs that had seen a price increase of 100% or more at a single point in time. Enjoying this article? To continue reading you need to login, take a FREE trial or subscribe.