January 2023 - Newsletter #2
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No Surprise: Big Pharma Rolls Out It’s Customary New Year Price Increases
Several media outlets have reported that Big Pharma is ringing in the New Year with their customary January drug price hikes. The price of “at least 350 drugs … in January” have increased in the United States, according to Reuters.
“So far, the median percentage increase on the wholesale acquisition cost (WAC) of brand name drugs whose prices have risen in 2023 clocks in at 5%, according to 46brooklyn [a drug pricing research firm]”, says Fierce Pharma, a Biopharma industry publication.
… Big Pharma’s price increases have historically outpaced the rate of inflation.
We have read some articles noting this increase to be lower than the rate of inflation but consumers should take the early January price increases with a dose of caution. These increases come early in the year on just a fraction of the more than 3000 drugs Big Pharma raised prices on last year. Industry observers expect that still many more drugs will increase in price in 2023 and Big Pharma typically raises prices twice a year with the second round customarily in July. We will need to wait till the end of the year to observe what the actual rate of drug price increases are relative to the rate of inflation but, as we have reported in the past, Big Pharma’s price increases have historically outpaced the rate of inflation.
Help Us Help You to Get Ahead of Drug Price Increases
While NorthWestPharmacy.com is not immune from the effects of inflation, rising drug prices and shipping rates, please know that we do our best to keep prices as low as possible and are constantly looking at ways to do so, in order to pass the savings on to you.
There are two basic ways that can help you get ahead of price increases. The first is to try to place orders in advance of price increases whenever you can. The second is to forward our digital booklet or website link to your friends, family and physicians who may know someone who wants to save money on their prescription drugs. A larger customer base grows our volume buying power, gives us priority access to medication inventories globally to assist with procurement and delivery timelines, and most importantly in these inflationary times, it reduces our cost of overhead per customer to help keep costs lower for everyone. We appreciate your support!
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