WASHINGTON D.C. — Patients For Affordable Drugs released new findings today that spotlight five cancer medications with excessive price increases in July – four of which had already been hiked in January this year. Price increases on these drugs, which are vital for treating aggressive cancers like multiple myeloma, breast cancer, and prostate cancer, disproportionately harm Black and Latino patients. Big Pharma’s relentless price hikes are deepening health disparities in these communities, where many patients are already struggling to afford their care.
Coverage of the report published today by NBC News highlights that the high cost of prescription medications exacerbates existing health disparities in Black and Latino communities. Black and Latino patients are more likely to suffer from chronic conditions such as diabetes, heart disease, and cancer, which require long-term medication management. Yet, due to the exorbitant price of these life-saving treatments, patients often find themselves forced to ration or forgo their medications altogether.
“Patients across the country bear the brunt of Big Pharma’s relentless price hikes on essential medications but it’s our friends and families from Black and Latino communities that are forced to struggle the most,” said Merith Basey, Executive Director of Patients For Affordable Drugs. “No one should have to choose between putting food on the table or paying for life-saving treatments. These unjustified price increases aren’t just numbers; they often translate to life-or-death decisions for families. We will continue to fight for systemic reforms that tackle Big Pharma’s abusive tactics at their core to ensure that all patients can access the medications they need at prices they can afford.”
Nearly half of Latinos and one-third of Black Americans aged 65 and older report not taking their prescribed medications due to cost – a reality that contributes to worse health outcomes and further contributes to systemic inequities in the U.S. health care system. As big drug corporations continue to prioritize profit over people, the impact on historically disenfranchised communities is particularly devastating, perpetuating systemic racism and widening the health gap between Black, Latino, and white patients. Carrol Olinger, a 54-year-old patient from Hope Mills, North Carolina, who was included in the NBC story, represents the harsh reality faced by millions of Americans of color struggling to afford their medications. Despite being on Medicare, Carrol spends up to $300 a month on treatments for chronic conditions like type 1 diabetes, high blood pressure, and end-stage renal failure. Two years ago, Carrol had to ration her insulin and blood pressure medication because she was uninsured at the time and unable to afford her medications. While recent reforms like the insulin copay cap and the inflation rebate program under the Inflation Reduction Act have provided some relief, Carrol continues to battle rising costs for essentials like diabetic test strips and needles.
The price hikes on just five cancer medications included in the report are just the tip of the iceberg. So far in 2024, Big Pharma has jacked up the prices of over 1,000 essential medications, with more than 200 increases in July alone. Over half of these hikes outpaced inflation, with an average increase of six percent. Cancer medications were among the most heavily targeted.
In addition to price hikes, the analysis sheds light on pharmaceutical companies’ tactics to maintain monopolies, ensuring that even older drugs face no generic competition. Iclusig, for example, is used to treat leukemia, and Latino children in the U.S. are up to 40 percent more likely to be diagnosed with acute lymphoblastic leukemia than their white peers. The manafacturer, Takeda, has hiked the price of Iclusig multiple times, and due to a wall of patents, it won’t face generic competition until 2033.
Read the report HERE.
