Celgene "Gets Away with Murder!" Raises Prices Again and Again. | Pharmaguy's Insights Into Drug Industry News | Scoop.it

Judging by the latest pricing data, Robert Hugin is still getting away with murder.


Last January, the Celgene (CELG) chief executive sat alongside President Trump at a widely covered White House meeting to discuss pharmaceutical issues. The gathering was held shortly after Trump claimed drug makers are “getting away with murder” over their prices. And four months earlier, Allergan (AGN) chief executive Brent Saunders challenged other companies to hold their annual price hikes to single digits.


So what does Hugin do? He keeps raising prices.


Last week, Celgene raised the price of its best-selling Revlimid cancer treatment by 9 percent, the third time this year the biotech has taken a price hike, according to Cowen analyst Eric Schmidt.


In July, Celgene boosted the price by 1.75 percent after an 8 percent increase in January. The latest price hike brings the average price for Revlimid up by 14.1 percent this year compared with last year, which is well above the price increases of 11.4 percent last year and 9.4 percent two years ago, Schmidt noted.


But wait, there’s more.


Further Reading:

  • “Thalidomide Offsprings Yield Blockbuster Profits for Celgene Aided by Off-Label Promotion”; http://sco.lt/5kJeZV