Unfazed by Trump's pressure, 350 prescription drugs in the U.S. will see price increases next year

American pharmaceutical companies plan to raise the prices of at least 350 brand-name drugs by 2026, despite pressure from the Trump administration to lower prices. This increase is larger than the 250 or so drugs affected at the same time last year, with a median increase of about 4%, consistent with 2025. The drugs involved in the price hikes include vaccines for COVID-19, respiratory syncytial virus, and shingles, as well as the blockbuster cancer drug Ibrance. According to exclusive data provided by the medical research firm 3 Axis Advisors, 14 pharmaceutical companies, including Pfizer, Sanofi, Boehringer Ingelheim, Novartis, and GlaxoSmithKline, which reached agreements with the Trump administration on the prices of certain drugs, also plan to raise the prices of some medications on January 1. Currently, American patients pay prescription drug prices that are significantly higher than those in other developed countries, often nearly three times as much. Trump has been pressuring drug companies to bring prices down to levels comparable to those in other wealthy nations. These price increases do not reflect rebates and other discounts given to pharmacy benefit managers. Dr. Benjamin Rome, a health policy researcher at Brigham and Women's Hospital in Boston, stated, "These agreements are marketed as transformative, but in reality, they are just tinkering at the margins and do not truly address the root causes of high prescription drug prices in the U.S." Pfizer Leads the Charge, Some Drug Prices Rise More Than Fourfold Pfizer announced the highest number of drug price increases, with about 80 different medications set to rise in price, including the cancer drug Ibrance, migraine medication Nurtec, and COVID-19 treatment Paxlovid, as well as hospital medications like morphine and hydromorphone. Most of Pfizer's drug price increases are below 10%, but the price of the COVID-19 vaccine Comirnaty will rise by 15%. Some relatively inexpensive hospital medications will see price increases of more than four times. Pfizer stated in a release that the average price adjustment for innovative drugs and vaccines in 2026 is below the overall inflation rate, "Moderate price increases are necessary to support our continued investment in discovering and delivering new medicines and to address the rising costs across our business." European pharmaceutical company GlaxoSmithKline plans to raise prices by 2% to 8.9% on about 20 drugs and vaccines. The company stated its commitment to reasonable pricing, asserting that price increases are necessary to support scientific innovation. Sanofi and Novartis did not respond to requests for comment. A Few Drugs See Price Cuts, Related to Government Negotiations Pharmaceutical companies also plan to cut the prices of about nine drugs. Among them, Boehringer Ingelheim's diabetes drug Jardiance and three related treatments will see price cuts of over 40%. Jardiance is one of the ten drugs targeted by the U.S. government for price negotiations under its Medicare program for individuals aged 65 and older in 2026. As a result of the negotiations, Boehringer Ingelheim and Eli Lilly have reduced the price of Jardiance by two-thirds. Boehringer Ingelheim and Eli Lilly did not immediately respond to requests for comments regarding the reasons for the price cuts. Historically, January is the biggest month for pharmaceutical price increases, and more price hikes and cuts are expected in early January. Government Agreements Fail to Change Price Increase Trends Despite the Trump administration reaching agreements with 14 pharmaceutical companies on the prices of certain drugs in the government's low-income Medicaid program and cash payers, this has not stopped the wave of price increases. Companies that signed agreements, such as Pfizer, Sanofi, Boehringer Ingelheim, Novartis, and GlaxoSmithKline, still plan to raise the prices of some medications Dr. Rome pointed out that these companies seem to be maximizing their list prices while negotiating discounts behind the scenes with health insurance and drug insurance companies, and then setting another price for cash sales directly to consumers. A spokesperson for the U.S. Department of Health and Human Services declined to comment. In recent years, pharmaceutical companies have reduced their price increases after being criticized for significant price hikes in the mid-last decade. New government policies have also had an impact, such as penalties for companies that charge Medicare plans increases exceeding the inflation rate. Larger price increases for drugs in the U.S. were once more common, but due to criticism from lawmakers and new policies, pharmaceutical companies have become more restrained