First, let us understand the concept of the pandemic. What is a pandemic? An infectious disease epidemic spread across a vast region like multiple continents or worldwide, affecting several individuals. We have seen that there is a subsequent increase in the prices of drugs/medicines globally during this pandemic. Let’s talk about the USA, New York drug makers that include Inc, Sanofi S.A. are planning to raise the prices on more than 250 drugs in the United States on Jan 1. This data or we can say the healthcare researchers, will collect information.
The COVID-19 pandemic has affected the deals within the nation; e.g., if the drugs are provided in other countries, then the stock left in our country is less to deliver. It affects the country’s economy, so to overcome the loss, many pharmaceutical industries have increased the prices of the drugs that could balance the profit.
Recently, the pharmaceutical industries kept increasing their price, leading to 10%, and companies like Sanofi and Pfizer kept nearly all of their increases up to 5% or less, said by 3 Axis. It is a firm that works with chemist groups, a foundation on drug pricing and health plans with supply chain issues.
After all the research and analysis, 3 Axis said that GSK raise prices on two vaccines like tetanus and pertussis vaccine pediarix, shingles vaccine shingrix by 8.6% and 7%, respectively. Like others, Teva pharmaceuticals Inc raised prices on more than 13 drugs, including asthma steroid Qvar and Austedo, which treat neurological disorders, which together make more than $600 million in sales in the year 2019. There’s a significant rise of between 5% and 6%.
Drugs like Amrix (muscle relaxant) and Nuvigil raised by 9.4%. The hikes in drug prices are taking place since the year 2015, and due to this pandemic, hikes in medicines are seen throughout this year. Drugmakers have raised prices on more than 800 drugs in the year 2020 by 5%, according to 3 Axis.
The overall focus of the pharmaceutical companies like Pfizer is on developing vaccines for COVID-19 in record time. They are planning to raise prices on more than 50 drugs between 0.5% and 5%, including roughly an increase in 5% of top sellers like Xeljanz that treat rheumatoid arthritis and Ibrance, a cancer drug. Pfizer said it had adjusted the prices of the medications by around 1.3% around all products in its depository, in line with inflation.
It is seen that U.S. President Donald Trump focused on slashing U.S. prescription medication prices, which are the highest in the world, after making it in a pledge of 2016 campaign. The USA government issued orders at the end of 2020 to cut prices, but legal challenges could limit their results.
Now President-elect Biden has also taken the vow to reduce drug costs and allow Medicare to negotiate medication prices. With the support of congressional Democrats, he passes such legislation, which could cost the industries more than $290 billion by 2029.
New drugs to watch in 2021.
During this pandemic, the focus on the COVID-19 vaccine is more, but still, the pharmaceutical industries continued to release new drugs in the year 2021, which are as follows:
This medication comes with an active ingredient, ibrexafungerp, which is used to treat vulvovaginal candidiasis in adult females and pediatric females who have begun menstruating. The drug is released on 1st June 2021.
An active ingredient like olanzapine/samidorphan works to treat schizophrenia in adults and helps treat certain aspects of bipolar disorder in grownups. The drug is released on 28th May 2021.
This drug contains active ingredients like infigratinib that is used to treat adults with cholangiocarcinoma. The drug is released on 28th May 2021.
This blog acknowledges information about the new release drugs and how the price of these medications has risen because of the pandemic and political pressure. Do consume this with proper consultation of the doctor, as these drugs could have benefits as well as side effects.