Pharmaceutical companies have raised the prices of several hundred prescription drugs as the government looks to lower costs.

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Big Pharma Placing Price Hikes On Nearly 1,000 Drugs

And the next time you walk into a pharmacy you might get sticker shock. Drug companies are trying to get ahead of a new law that's designed to keep prices lower. A new federal law, called the inflation reduction act, is giving Medicare the power to negotiate how much it pays for certain medicines. It's also requiring drug companies pay Medicare a rebate if they increase costs above the rate of inflation. This is one of the reasons that pharmaceutical giants are hiking prices now. So far this year, nearly 1000 prescription medicines have gotten more expensive. Most companies kept their price hikes at about 10% or lower.