Drugmakers fought hard against California’s groundbreaking drug price transparency law, passed in 2017. The first report was just released and found that drug companies continue to raise drug prices — some as much as 667%, according to the LA Times.
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Generic drugs went up 37.6% — the largest median increase — while the cost of a generic Prozac rose from $9 to $69, a 667% increase, and the generic version of Guanfacine, used to treat attention deficit hyperactivity disorder, increased more than 200% to $87 for 100 2-milligram pills, according to the report.
Even when put on notice, pharmaceutical companies continue to gouge consumers and inflate prices — with no end in sight for this inhumane treatment. To add insult to injury, Big Pharma has waged a war on supplements and alternative therapies.
As more natural therapies become more popular, Pharma is calling them ineffective and possibly harmful. The drug industry accuses the supplement industry of false claims and manufacturing irregularities — the same problems which afflict pharmaceutical companies.
Even as they continue to discredit supplements and alternative therapies, many drug companies market their own vitamins and supplements, proving that what they are really trying to end is competition.
The EpiPen received a lot of attention when manufacturer Mylan raised the price 461% between 2007 and 2015. The cost of epinephrine in an EpiPen is about $1 but the list price for a two-pack is over $600 in the U.S.
During that same period, the company’s CEO enjoyed a 671% increase in total compensation, from just under $2.5 million in 2007 to nearly $19 million in 2015.
The EpiPen can be lifesaving if you suffer from allergies to food, insect stings, medications or latex and are at risk of anaphylaxis.
Skyrocketing drug prices is not a new thing. A 2009 story detailed the fact that some drug prices had increased by as much as 1,000%.
How low will drug companies go? Look no further than the nationwide opioid crisis. Purdue Pharma decided to cash in on the opioid epidemic they created by selling a new pill to treat the addiction.
Purdue Pharma and the Sackler family sought to increase opioid prescriptions, and documents claim a member of the Sackler family suggested that the millions of addicted were their next business opportunity. By providing overdose treatments, they became an end-to-end provider, increasing revenues and calculating it would net an additional $24 million in sales.
The opioid class of drugs also includes morphine and fentanyl, as well as illicit drugs such as heroin.
A lawsuit alleges that Purdue management was concerned the Centers for Disease Control and Prevention’s effort to save lives by reducing opioid doses would force the company to see a decrease in revenue.
Although opioids have not been proven safe or effective beyond six weeks, Purdue Pharma allegedly identified "super core" doctors willing to prescribe large doses over long periods and even punished sales reps when numbers dropped.
Opioid addiction is now the leading cause of death in Americans under 50. If you or one of your loved ones struggle with an opioid addiction, no matter the brand of medication, it's vital to seek help from your workplace Employee Assistance Program or the Substance Abuse Mental Health Service Administration.