Drugmakers shoot themselves in the feet by raising prices again!

There is an important article in today’s Wall Street Journal overviewing the significant increases in prices of drugs by the pharmaceutical manufacturers–despite rising criticism by patients, doctors, politicians and healthcare payers. Some think they have priced themselves out. Others, cited in this article think the companies still have the power to continue to raise prices. See the Journal article here:Œ http://www.wsj.com/articles/drugmakers-raise-prices-despite-criticisms-1452474210.

Many of the price increases add thousands of dollars to drugs that are already over-priced and exceed ability to pay. Vanda Pharmaceuticals Inc raised the price of its drug Hetlioz which treats a sleep disorder in blind people. It went up 10% to $148,000 per year. That is 76% higher than it was when introduced n 2014. Pfizer has raised list prices an average of 10.6% on over 60 products. Prices for eight of them went up 20%.

U.S. spending on prescription drugs continues to rise up 12.2% in 2014.

Amgen raised the price of anti-inflammatory drug Enbrel by ~26% and it now costs $704 per week for a treatment of Rheumatoid arthritis.

It may take a unified effort of patients and physicians to boycott these makers until they realize that consumers have the power to stop the continual increases pricing out most people.