The FDA’s proposal to lower drug prices could mean a $400 per pill pill hike for some people with chronic diseases, according to new data.
A new study from the Kaiser Family Foundation shows that while the agency’s proposed price cuts would be more than the savings from eliminating the use of prescription painkillers, they could mean an average price hike of $4,300 per person over a lifetime.
The new data comes on the heels of a series of reports from the Centers for Disease Control and Prevention showing that drug prices have risen faster than inflation since 2009, and that drug companies are being paid to produce more and more drugs.
In 2017 alone, drugmakers spent $8.9 billion on the development of drugs and devices for the treatment of cancer and other serious illnesses, the report found.
That compares with $5.7 billion in 2016.
For people who take the drug every day, that translates into a cost of $8,900 in 2018.
That’s a 1.2 percent increase from 2017.
That same amount would increase to $9,900 if drugmakers increased the price of a pill by one-third to $6.50 a pill, or $890.
The increase comes after the drugmakers began using a process known as pricing transparency to reveal the average cost of each new drug.
For every new drug, the FDA required drugmakers to disclose the average price for each of their products.
The average price increases were first reported in a report by the nonprofit Center for Responsible & Effective Drug Pricing in April.
The FDA’s latest proposal to reduce the cost of the drug would cut off the use in the U.S. of several prescription medications, including oxycodone, morphine and hydrocodone.
These drugs, often used for the opioid painkiller, morphine, have been shown to cause significant harms to patients.
The proposed price cut would make it more difficult for the FDA to approve more drugs for people with serious chronic diseases and conditions.
The drugmakers’ proposal to cut off some of the drugs they make, including hydrocortisone acetate, would mean the average daily dose for people who are already taking them would drop from about a 100 milligram to about 10 milligrams, according the report.
The data comes as President Donald Trump continues to negotiate a deal with Democratic and Republican lawmakers over health care legislation.