Merck has unveiled a “Transparency and Disclosures” page detailing business decisions. It is one the latest drug company to offer more detail about its U.S. pricing practices following criticism of the pharmaceutical industry’s price increases in recent years. ( read also: Johnson & Johnson to report average increases in list prices for U.S. drugs)
Merck detailed that its increases on the list prices of brand name drugs and vaccines ranged anywhere from 7.4% in 2010 to a peak of 10.5% in 2014. In 2016 the price increase was limited to the single digits.
“Because price increases have become such an important issue, we felt we needed to provide greater transparency into list and net prices,” said Robert McMahon, president of Merck’s U.S. market, “The price increases we take are reasonable.”
McMahon explained that the drugmaker is not disclosing price increases on individual products due to competitive issues with releasing product-specific information.
In the last couple of years drug price has become an important issued reinforced by President Trump who has pledged to combat high prices through direct bidding in Medicare ( Read also: “Trump on Pharma Industry: “is getting away with murder”)
Source: The Wall Street Journal