An Associated Press analysis of brand drug prices has found drugmakers are deploying more price hikes than decreases, effectively moving on with business as usual despite President Donald Trump’s key campaign promise to cut prices.
The analysis found, however, the volume of price hikes has somewhat slowed, and the increases are not as steep as in previous years.
According to the report, there were 96 price increases for every cut between January and July this year. Health and Human Services Secretary Alex Azar in a recent AP interview admitted prices will take time to see more widespread decreases.
“I am not counting on the altruism of pharma companies lowering their prices,” Azar, a former Eli Lilly & Co. executive.
AP for its report analyzed 26,176 list price changes for brand drugs in the U.S. from Jan. 1 through July 31 in 2015-2018.
“The AP focused its analysis on the first seven months of each year because of the seasonality of price changes and to make meaningful year-to-year comparisons,” the report states.