Drug companies freeze prices: Does it mean savings?

Current drug price freeze

CINCINNATI, OH (FOX19) - Several pharmaceutical companies have announced that they will be freezing the prices on some medications, however many consumers won't see a difference in price.

Pharmaceutical companies Pfizer, Novartis, Merck, and Bayer have all announced that they will not be increasing their prices on medications for the remainder of the 2018 year. Merck has even announced that they plan on lowering prices of some drugs.

The drugs receiving the price freeze are name-brand medications for diseases like cancer and diabetes with already high drug prices. More common health conditions like high cholesterol and high blood pressure are commonly treated by generic drugs that are not affected by the price freeze.

While the freeze on name brand medication will last until the end of 2018, consumers might see a higher price in the beginning of 2019 as drug companies usually hike prices early in the year.

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