Medicine price check: Rates of over 900 braded drugs hiked in US. Details here

Prices of more than 900 braded drugs have gone up in last month in the US, USA Today reported quoting a research. This comes at a time when the federal government was aiming to stabilize prices of medicines.

46brooklyn Research has revealed that around 910 medicines have become costlier in January this year, the USA Today report says.

January carries significant weight for consumers as it has become a focal month for drug price increases, witnessing over half of the annual hikes over the past five years.


For the inaugural time, the federal government has been granted the authority to engage in negotiations regarding drug prices for beneficiaries of Medicare, the federal health program designed for older adults.

The Biden administration will engage in negotiations on the prices of 10 commonly prescribed medications used to treat heart disease, diabetes, and autoimmune conditions.

Meanwhile, money is pouring into the fledgling psychedelic medicine industry, with dozens of startup companies vying to be among the first to sell mind-expanding drugs for depression, addiction and other mental health conditions.

While psychedelics are still illegal under federal law, companies are jostling to try and patent key ingredients found in magic mushrooms, ayahuasca and other substances that have been used underground for decades or — in some cases — for millennia by indigenous cultures.

Wall Street's sudden exuberance for hallucinogens has rankled longtime advocates and philanthropists, who dreamed of making low-cost psychedelics widely available for mental health and personal growth. Instead, many now see a very different future for drugs like psilocybin and LSD: as expensive, specialty medications controlled by a handful of biotech companies.

FAQs

Q1. What is happening to psychedelic medicine industry?
A1. Money is pouring into the fledgling psychedelic medicine industry, with dozens of startup companies vying to be among the first to sell mind-expanding drugs for depression, addiction and other mental health conditions.

Q2. Are psychedelics legal?
A2. Psychedelics are still illegal under federal law.