Pfizer raises price of 100 drugs

July 2, 2018

Pfizer has increased the cost of about 100 drugs including Viagra.

According to a report in the Financial Times, the pharma giant announced that the price hikes took effect July 1, saying that the increases average 9 percent on the impacted drugs. 

The hike includes several of the company’s best-selling drugs. The average wholesale cost of a 100 mg Viagra dose went up nearly 20 percent from $73.85 to $88.45. The cost of Xalatan eye drops also increased. The company also reduced the cost of several of its products and all told, said that the changes will impact 10 percent of the company’s portfolio. Pfizer said that the list prices will not reflect the cost paid by patients or insurers.    

Despite increased promises by President Trump that pharmaceutical companies will soon lower the cost of drugs, several have raised prices this year including AbbVie. In May, the White House released a plan to lower prices by bolstering negotiations and competition. But so far, no major price reductions from pharmaceutical companies have been announced.

Read the Financial Times report.