Johnson & Johnson to reveal average drug price increases

Markets Associated Press

Health care giant Johnson & Johnson plans next month to disclose price increases of its prescription drugs as the industry tries to calm the storm over soaring prices.

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Experts say the company's move will help its image more than patients initially, but it could push other drugmakers to tame future price increases and be more transparent. The company says it will divulge average list price increases and what middlemen pay for medicines.

Annual price tags over $100,000 for many new drugs for cancer and rare diseases, plus huge price hikes on old products with little competition, have left some patients unable to afford their medicines.

Staggering prices also have infuriated doctors and politicians, triggering multiple government probes. Now there are signs drugmakers are taking steps to avert U.S. price controls.