Industry Makes A Drug Price Transparency Push In DTC Ads, But Is It Too Little Too Late?
PhRMA unveiled a voluntary policy under which drug makers will provide information in DTC ads about how to access drug prices and cost information. But hours later HHS issued a proposed rule on the same topic, only requiring drug makers to include WAC prices in TV ads. .
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CEO Alex Gorsky highlighted growing public concern over US drug costs during J&J's Q4 earnings call, pressing for more transparency and value-based health care. The company's net drug prices declined more than 6% in 2018, he added.
Drug makers were optimistic going into 2018 about the political climate and drug pricing environment, but the outlook is more tenuous heading into 2019. Now is the time when industry raises prices on mature, marketed drugs and it's unclear how those hikes may be tempered or what the backlash might be.
Drug makers are planning for annual price increases, but with the industry in President Trump's crosshairs it remains to be seen if 2019 price hikes will be more modest than in the past. Pfizer confirmed plans to raise prices, but only on 10% of its portfolio.