Drugmakers Increase Prices on 350 US Medicines Despite Trump Pressure

• Price hikes include vaccines for COVID, RSV, shingles and cancer drug Ibrance, with Pfizer announcing the most increases (80 drugs) including a 15% hike for COVID vaccine Comirnaty
• Five drugmakers raising prices (Pfizer, Sanofi, Boehringer Ingelheim, Novartis, GSK) had just struck deals with Trump administration on Medicaid and cash-pay prices for some medicines
• Boehringer Ingelheim plans 40%+ cuts on diabetes drug Jardiance, which had its Medicare price slashed by two-thirds in government negotiations

Drugmakers Announce 350 Price Increases Despite Trump Administration Pressure

U.S. pharmaceutical companies plan to raise prices on at least 350 branded medications starting January 1, 2026, according to healthcare research firm 3 Axis Advisors. The median price increase is approximately 4%, consistent with 2025 levels, marking an uptick from 250 price hikes announced at the same time last year.

Key Companies and Products:

• Pfizer leads with ~80 drug price increases, including cancer treatment Ibrance, migraine medication Nurtec, and COVID treatment Paxlovid. Most increases are below 10%, except COVID vaccine Comirnaty (15% increase) and some hospital drugs seeing four-fold increases.
• GSK plans 2-8.9% increases on ~20 drugs and vaccines
• Five companies with existing Trump administration pricing deals (Pfizer, Sanofi, Boehringer Ingelheim, Novartis, GSK) are still implementing increases

Notable Price Cuts:

• Boehringer Ingelheim/Eli Lilly's diabetes drug Jardiance faces a 40%+ list price reduction, following a two-thirds price cut negotiated for Medicare patients in 2026

Market Context:

The increases come despite Trump administration deals with 14 drugmakers on Medicaid and cash-payer pricing. U.S. patients currently pay nearly three times more for prescription drugs than other developed nations. The price hikes exclude rebates to pharmacy benefit managers and other discounts.

Industry Justification:

Companies cite the need to support R&D investments and address rising business costs, with Pfizer noting its average increases remain below overall inflation rates. The trend represents a moderation from larger price hikes common in previous years, influenced by government policies penalizing Medicare price increases exceeding inflation.