For Fourth Straight Year, U.S. Prices On Prescription Drugs Go Up More Than 8%
In 2016, the cost of medications rose 8.8 percent. Brand-name medications went up 12.9 percent while generics only increased 0.3 percent. In other pharmaceutical news, Mylan takes issue with a Food and Drug Administration decision not to approve its generic version of GlaxoSmithKline's Advair.
Prescription Drug Prices Rose Almost 9 Percent In 2016, Continuing An Ongoing Trend
For those debating the cost of prescription drugs, here is still more evidence illustrating how costs are thinning the American wallet — prices rose 8.8 percent last year, which is the fourth consecutive year of overall price hikes that exceeded 8 percent, according to a new analysis. Moreover, this amounts to an annual average price increase of almost 10 percent over the past three years. (Silverman, 5/10)
Mylan Disagrees With FDA Over Generic Advair Delay
Generic drug maker Mylan NV on Wednesday said it disagrees with the reasoning behind the U.S. Food and Drug Administration's decision not to approve its generic for GlaxoSmithKline Plc's blockbuster Advair in March. Mylan President Rajiv Malik said the FDA was asking it to comply with standards set out in draft guidance the agency issued, but that it believes it is not required to do so. An FDA spokeswoman declined to comment, saying she was prohibited by law from discussing a pending application. (Erman, Grover and Clarke, 5/10)