The global pharmaceutical market will reach $1.12 trillion by 2022.
And according to The New York Times, states across the country are clamping down on pharmaceutical companies, forcing them to disclose pricing information and justify price increases. In fact, 24 states have passed a total of 27 bills throughout 2018 to block rising prescription drug costs, and several state legislature are still in session.
In short, due to the lack of regulation at the federal level, many states have decided to take matters into their own legislative hands.
“In the absence of federal action, states are taking the lead in combating high drug prices,” said State Representative Sean Scanlon of Connecticut.
According to CNN Health, Nirmal Mule, founder and president of Nostrum Pharmaceuticals, has decided to raise the price of a specific antibiotic mixture known as nitrofurantoin from $500 per bottle to more than $3,200.
The drug is listed by the World Health Organization as an “essential” medicine for urinary tract infections.
“I think it is a moral requirement to make money when you can,” Mulye said, “to sell the product for the highest price.”
Mulye even defended Martin Shkreli (Pharma Bro), who was once dubbed as the “most hated man in America” after his company raised the price of an AIDS medication by more than 5,000% in 2015.
As of September, here is a list of some of the 2018 FDA approved drugs:
- Ilumya (tildrakizumab-asmn) — For the treatment of plaque psoriasis. Approved in March.
- Lutathera (lutetium Lu 177 dotatate) — For the treatment of gastroenteropancreatic neuroendocrine tumors. Approved in January.
- Andexxa (coagulation factor Xa (recombinant), inactivated-zhzo) — For the reversal of factor Xa inhibitors. Approved in May.
- Aimovig (erenumab-aooe) — For the preventative treatment of migraines in adults. Approved in May.
- Doptelet (avatrombopag) — For the treatment of thrombocytopenia in adults with chronic liver disease. Approved in May.
- Jynarque (tolvaptan) — For the treatment of autosomal dominant polycystic kidney disease. Approved in April.
- Erleada (apalutamide) — For the treatment of prostate cancer. Approved in February.
- Symdeko (tezacaftor/ivacaftor) — For the treatment of cystic fibrosis. Approved in February.
Thanks to the actions of some state legislators, drugs like these may actually be affordable for many of the Americans who need them.