Pharmaceutical companies to hike prices of 500 drugs

Large drugmakers including Pfizer and Takeda Pharmaceuticals plan to raise prices of more than 500 prescription drugs this month, according to research cited by Reuters.

The data, which was analyzed by healthcare research firm 3 Axis Advisors, indicated prices are expected to increase about 5% in January, according to Antonio Ciaccia, president of the firm, told the news outlet. He said a 5% jump in price each year is typical to keep pace with inflation. 

The drugmakers attribute the bump to inflation and ongoing supply chain issues, according to the report.

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