Pfizer Shows Price Gouging Exists Outside Of Martin Shkreli

Pharmabro Martin Shkreli isn’t the only one gouging prices. Don’t believe me? Well, Pfizer Inc. rang in the new year by raising the price of more than 100 drugs – some by upwards of 20 percent.

Global information services company Wolters Kluwer compiled the aforementioned stats and Pfizer even confirmed some of these price increases. They jacked up the price of pain drug Lyrica by 9.4 percent – which accounted for $2.3 billion worth of U.S. sales in 2014 alone. They also raised the price of Viagra by 12.9 percent. Back in 2014 the No. 1 ED pill had sales figures of $1.1 billion in the United States alone.

Pfizer spokesman Steven Danehy didn’t confirm some of the price increases that were reported by Wolters Kluwer Health and published by UBS Securities. This comes at a time when lawmakers, presidential candidates ad other have ripped apart drug companies for price gouging. The UBS report asserts that Pfizer increased the prices of Dilantin (anticonvulsant), Menest (hormone therapy), angina drug Nitrostat, Tykosyn (irregular heartbeat), and antibiotic Tygacil by a whipping 20 percent. It’s nowhere near the 5,000 percent that Shkreli raised Daraprim, but it’s a trand that continues to occur and must be addressed.

We know that Pfizer isn’t the only pharmaceutical company to raise prices, but they’re one of the biggest in the business so this is definitely troubling. Pfizer will report their 2015 earnings report on February 2, and in 2015 they reported $45.7 billion in revenue including U.S. sales of $17.2 billion – so prepare to see those figures increase.

[Business Insider]

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