Major pharmaceutical firms started the new year by hiking the prices of hundreds of drugs, according to a new study published by Rx Savings Solutions.
First reported in The Wall Street Journal, the study found that the average price increase taken by more than three dozen companies was roughly 6.3%.
“Pfizer and others should be ashamed that they have raised drug prices for no reason,” the president wrote.
The company ultimately decided to defer raising prices on any of its drugs. The CEO of Rx Savings Solutions, Michael Rea, told the WSJ that the lack of oversight is part of what makes drug pricing in the U.S. so unpredictable.
“The reason it can keep happening is there is no market check, no person or entity to bring reason to determining drug prices,” he said.