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Drugmakers kick off 2021 with higher prices, report says
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NEW YORK - Drugmakers including Abbvie Inc and Bristol Myers Squibb raised U.S. list prices on more than 500 drugs to kick off 2021, according to an analysis by health care research firm 46brooklyn.
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The hikes come as drugmakers are reeling from effects of the COVID-19 pandemic, which has reduced doctor visits and demand for some drugs. They are also fighting new drug price-cutting rules from the Trump administration, which would reduce the industry’s profitability.
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They include more than 300 price increases from companies like Pfizer and GlaxoSmithKline reported by Reuters late last week.
Nearly all the increases were below 10%, and the median hike was 4.8%, down slightly from last year, 46brooklyn said here. The firm's analysis is based on data from Elsevier's Gold Standard Drug Database.