Pfizer Inc, which is planning a merger of $160 billion with Allergen based in Ireland to cut its annual tax bill, raised the prices in the U.S. on January 1 of over 100 drugs, of which some were hiked by 20%, according to a global information company online that compiled the statistics.
Pfizer confirmed an increase of 9.4% for Lyrica its pain drug that is heavily advertised, which generated over $2.3 billion in U.S. sales during 2014; an increase of 12.9% for Viagra its erectile dysfunction pill, which has sales in the U.S. during 2014 of $1.1 billion; and an increase of 5% in Ibrance, a drug for breast cancer launched in 2015 at an annual price of $118,200.
A spokesperson for the company said he could not confirm the price increases, which had been compiled by the statistical company.
Lawmakers in the U.S. and candidates for president have recently stepped up their criticism of drug prices in the U.S. driven partly by the price hikes of incredible proportion from companies that recently acquired the rights to generic drugs.
Medicines are amongst the most efficient and effective use of public and private healthcare dollars said Pfizer in a statement that was emailed.
Pfizer, said an industry analyst, increased prices by up to 20% for Menest its hormone therapy, Dilantin its anticonvulsant, Nitrostat for angina, Tykosyn for a heartbeat that is irregular and Tygacil an antibiotic.
The report by the analyst said prices in the U.S. were increased on 105 drugs at Pfizer, with no reported prices reductions.
Pfizer by no means is the only drug makers that increased its prices. On online research firm found that prices of prescription drugs in the U.S. were increased 10.9% during 2014, including by 15% for products that were brand name.
The planned deal between Pfizer and Allergen would create the largest drug maker in the world and shift the headquarters of Pfizer to Ireland. It would also be the one instance that was the biggest ever of a company in the U.S. re-incorporating overseas as a way to lower its own taxes.
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