Biden administration says price of 1,200 pharmaceutical drugs outpaced inflation over past year
Some drugs increased list price as much as 500%.
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The Biden administration revealed this week that over 1,000 pharmaceutical drugs over the past year had gone up in price at a rate that eclipsed inflation, with many seeing triple-digit increases amid severe economy-wide price increases.
The Department of Health and Human Services said in a Friday report that "there were 1,216 [pharmaceutical] products whose price increases during the twelve-month period from July 2021 to July 2022 exceeded the inflation rate of 8.5% for that time period."
"The average price increase for these drugs was 31.6%," the report said, noting that “several drugs increased their list prices by more than $20,000 or by more than 500%."
HHS used the figures to claim that the administration-backed Inflation Adjustment Act, had it been in place over that time, could have helped keep those prices low.
"In recent years, prescription drug prices have skyrocketed, but thanks to the Inflation Reduction Act, America’s families will soon start seeing relief," HHS Secretary Xavier Becerra said in the release, claiming that the White House "is focused on providing high-quality, affordable health care to people across the country."