According to Reuters, Big Pharma launched new drugs in 2023 at prices 35 percent higher than the previous year.

These price hikes are nothing new and the trend is likely to continue.

The median annual list price for a new drug was $300,000 in 2023, up from $220,000 in 2022, and $180,000 in 2021.

Five new drugs were priced at over $1 million, with the most expensive coming in at a whopping $3.2 million.

"Prices are just going up and up without any clear rationale as to why," said Dan Ollendorf, chief scientific officer at the Institute for Clinical and Economic Review (ICER), an influential group that evaluates the value and prices of medicines.

Many cancer drugs are not being priced relative to their benefit, Ollendorf told Reuters, but the lack of alternatives gives manufacturers negotiating leverage.

Prescription drug expenses make up a more than 22 cents of every healthcare dollar. When prices rise at 35 percent rates, it has a direct impact on how much you pay for health insurance each month.

More steps need to be taken by policymakers to ensure drug pricing is fair and yearly price hikes are justified.

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