Drugmakers including Pfizer Inc, GlaxoSmithKline PLC , Bristol Myers Squibb, AstraZeneca PLC and Sanofi SA will raise prices in the US on over 350 unique drugs in early January.
The increases are in preparation for the Inflation Reduction Act (IRA), which allows the government's Medicare health program to negotiate prices for some drugs starting in 2026.
The pharmaceutical industry is also dealing with inflation and supply chain constraints that increased manufacturing costs.
The price hikes are based on list prices, which do not account for other discounts or rebates to pharmacy benefit managers.
According to data released by 46brooklyn, a drug pricing non-profit affiliated with 3 Axis, drugmakers increased prices on more than 1,400 pharmaceuticals in 2022. Since 2015, there have been the most rises.
According to Antonio Ciaccia, president of 3 Axis, drugmakers have concentrated on releasing their medications at higher prices due to the concentration on annual price hikes.
More drug prices are likely to be announced over the course of January - historically the biggest month for drugmakers to raise prices.
Pfizer has so far disclosed the biggest price hikes, with 89 different prescription names seeing a rise in price in addition to an extra 10 drug brands at its Hospira division.
Then came GSK, which has already announced hikes for 26 different medications, including nearly a 7% rise for its well-known shingles vaccine Shingrix.


Is dark chocolate healthier than milk chocolate? 2 dietitians explain
Dollar Hits One-Month High as Hawkish Fed Outlook Boosts Greenback
Canada Imposes 10% Tariff on Canned Vegetable Imports to Protect Domestic Industry
Trump Says Anthropic No Longer Seen as National Security Threat
Asian Currencies Steady as Dollar Holds Firm Ahead of Fed Decision and US-Iran Deal Details
Trump and Iran Sign Framework Peace Deal in France Amid Ongoing Middle East Tensions
Why the future of marijuana legalization remains hazy despite high public support
Australia Eases Capital Gains Tax Reforms to Support Small Businesses and Startups
RFK Jr. Spokesman Resigns Over Trump Administration’s Flavored E-Cigarette Policy
RFK Jr. Expands CDC Vaccine Advisory Panel's Scope Amid Legal Battles
G7 Explores AI Access Deal With U.S. Amid Anthropic Restrictions
Takeda Hit With $885M Verdict Over Amitiza Generic Drug Delay Scheme
Supreme Court Asked to Reinstate Mail-Order Access to Abortion Pill Mifepristone
NIH Infectious Disease Leadership Shake-Up Raises Concerns Amid Ebola, Hantavirus Outbreaks
German Industry Employment Falls to Lowest Level in a Decade
Russia Stocks End Flat as MOEX Index Hits New 52-Week Low; Gold Falls and Oil Mixed
Trump Reportedly Approves Plan to Remove FDA Commissioner Marty Makary Amid Growing Controversies 



