A new report reveals that pharmaceutical companies exploit patents, delay cheaper alternatives, and burden cancer patients with excessive costs.
“Between 2017 and 2021, the average initial price of a new Part D cancer drug rose by more than 25% to over $235,000 yearly when adjusted for inflation,” Patients for Affordable Drugs noted in its new report, citing a recentby Rep. Katie Porter’s office. “Pharmaceutical companies then raise the prices on these drugs year after year.”
The new report spotlights several high-priced brand-name cancer medications sold by Pfizer, Bristol Myers Squibb , Johnson & Johnson, and other major pharmaceutical companies. Jackie Trapp, a multiple myeloma patient in Wisconsin, told Patients for Affordable Drugs that Revlimid costs her “$20,000 each year on Medicare.”
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