Why do Drug prices keep rising, despite the pressure?

Healthline (Drugmakers Raise Prices on 350 Medications Amid Pressure to Cut Costs) asked a simple question: If there's so much pressure to cut drug prices, why are companies still raising prices.

Health Business Group President, David Williams was interviewed:

David E. Williams, President and co-founder of Health Business Group, suggested that President Trump wants drug prices to drop to show Americans that he’s taking action on healthcare costs, particularly as Affordable Care Act (ACA) subsidies are being phased out.

“It’s easy for the average voter to understand and it’s a change that individual companies can make unilaterally,” he told Healthline.

“Also, U.S. prices are the highest in the world, and it’s easy to compare prices in the U.S. with benchmarks elsewhere.”

However, drug companies want to boost profits and meet earnings goals, Williams said.

Price increases have been the primary mechanism for doing this since it’s easier than launching a new drug.

“Shareholders matter more than the President,” he said, “and the companies assume they can get away with continuing their increases especially if they make concessions on individual, high-profile products.”

Williams added that drug prices are also rising for the same reason that many other prices are going up: higher labor costs, higher materials costs, and tariffs.