Political pressure not preventing steep drug price hikes, report finds

Despite public criticism and bipartisan efforts to lower drug prices, drugmakers have continued to steeply raise them, according to a Wells Fargo analysis cited by Bloomberg.

Wells Frargo analysts found that in June, pharma companies raised the prices of 106 medicines by an average of 27 percent. Included in the price hikes was a 909 percent increase for a generic antidiuretic manufactured by a subsidiary of Teva Pharmaceuticals and a 399 percent increase on two drugs made by Epic Pharma. 

According to Wells Fargo Analyst David Maris, pharmaceutical companies have been more aggressive with price hikes after a hiatus in criticism.

"To us, it appears now that the criticism from politicians and the president has quieted down, companies are more aggressively and broadly pursuing drug price increases again," he told Bloomberg. "We are not so confident that the lull in criticism will continue and could foresee more negative headlines in the coming months."

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