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November 22, 2008 7:56:49 CST

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Prices Jump for Top Drugs

Posted Feb 21, 08 4:45 CST in Science & Health,  Business 

(Newser) – Drug companies have slapped a series of huge price hikes on some prescription drugs ahead of drug patent expirations, the Wall Street Journal reports. GlaxoSmithKline has raised the price of antidepressant Wellbutrin 44.5%, while Sanofi-Aventis hiked Ambien's price 70%. Wholesale prices for the top 50 drugs increased an average of nearly 8% last year.

Some price hikes are designed to nudge consumers off now-more-expensive brands whose patents are about to expire to reformulated brands with longer patent protection. The increases are driving up co-pays and health insurance costs. With few new drugs in the pipeline, maximizing profit on existing drugs has become essential. All the leading presidential candidates have been critical of the pharmaceutical giants and their prices.

Source Wall Street Journal

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Major drug companies have imposed huge price hikes on some of their leading drugs, maximizing profits before their patents expire. (AP Photo/Mark Lennihan, File)   (Associated Press)
Drug giants like GlaxoSmithKline face huge losses as the patents on leading drugs expire. Some companies have increased their prices by over 70%.(AP Photo/Brennan Linsley, file)   (Associated Press)
A selection of prescription drugs, including Allegra, Zyprexa, Levitra, Cialis and Lipitor (AP Photo/Michael Conroy)   (Associated Press)
Some drug companies have slapped double digit price increases on their best selling prescription drugs. (AP Photo/Mel Evans, File)   (Associated Press)
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Barack Obama • John McCain • Hillary Clinton • drug companies • health care reform • antidepressant • GlaxoSmithKline • Pfizer • pharmaceutical industry • health insurance costs • price increases • Lipitor • Ambien • patent expiration • co-pays • Centers for Medicare and Medicaid Services


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