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After Year of Vaccine Profiteering, Pfizer Hikes Prices on 125 Drugs
Key Excerpts from Article on Website of Common Dreams
Posted: January 25th, 2022
https://www.commondreams.org/news/2022/01/13/after-year-vacc...
After raking in enormous profits from its coronavirus vaccine in 2021, the U.S.-based pharmaceutical giant Pfizer has kicked off the new year by hiking the prices of more than 120 of its drugs, resulting in significantly higher costs for patients amid a deadly pandemic. That's according to a new report released Thursday by Patients for Affordable Drugs (P4AD), which found that pharmaceutical companies have raised the prices of 554 medicines this month alone. Pfizer led the way with 125 price hikes to start 2022, leading P4AD to label the company the industry's "poster child for greed." "Due to sales of its Covid-19 vaccine, which is set to be the best-selling drug of all time, Pfizer shattered profit records in 2021. Projected sales for 2022 are $54.5 billion—more than double the previous record for one-year sales for a prescription drug," the report notes. "To put this into perspective, AbbVie's Humira previously held the spot with $19.8 billion in sales, and Pfizer’s best-selling product just prior to the pandemic achieved worldwide revenues of $5.8 billion." "Despite this record revenue in 2021," the report continues, "Pfizer began 2022 with price hikes on seven of its 10 best-selling drugs," including its pneumonia vaccine (up 6.9%), a breast cancer medication (up 6.9%), and a treatment for people with cardiovascular disease (up 6%). "These hikes of 5% or 6% can translate into thousands of dollars in higher costs for patients," P4AD notes.
Note: See also a Forbes article asking why physicians aren’t challenging outrageous pricing for medical costs. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma profiteering from reliable major media sources.
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