Biden administration identifies 27 drugs facing penalties for cost hikes

The Biden administration announced the first set of pharmaceutical companies that will face penalties for raising prices within Medicare faster than the rate of inflation, Healthcare Dive reports. The list of 27 drugs includes AbbVie Inc.’s top-selling inflammatory disease drug Humira as well as Seagen Inc.’s bladder cancer drug Padcev and Gilead Sciences Inc.’s cancer cell therapies Yescarta and Tecartus. Five Pfizer Inc. drugs are on the list – the most of any drugmaker.