Pharmaceutical companies are set to increase prices for at least 350 brand-name medications in the U.S., which includes vaccines for COVID-19, respiratory syncytial virus, shingles, and the popular cancer treatment Ibrance. This information comes from healthcare research firm 3Axis Advisors, despite ongoing pressure from President Trump for price reductions.
The number of drugs facing price hikes in 2026 is higher than last year when over 250 drugs were targeted. On average, the median price increase this year is around 4%, mirroring the trend from 2025.
It’s worth noting that these increases don’t account for any rebates or discounts that Pharmacy Benefit Managers might offer.
Interestingly, there are plans to lower the list prices of about nine types of drugs. For example, Boehringer Ingelheim’s diabetes drug Jardiance will see a reduction exceeding 40% alongside three related treatments. However, both Boehringer Ingelheim and Eli Lilly haven’t provided comments on why they are lowering prices.
Jardiance is notably one of ten drugs for which the U.S. government has negotiated lower prices in the Medicare program for seniors in 2026. Under this agreement, the drug’s price is being slashed by two-thirds.
Currently, U.S. patients pay significantly more for prescriptions—often nearly three times higher than patients in other wealthy nations. President Trump continues to push for lower prices to match those found in comparable countries.
The upcoming price increases on 350 drugs occur even though Trump has previously struck a deal with 14 drug companies to set prices for some medications in the Medicaid program for low-income individuals and cash-paying patients.
Among the companies planning price hikes on Thursday are Pfizer, Sanofi, Boehringer Ingelheim, Novartis, and GSK.
Dr. Benjamin Rome, a health policy researcher at Brigham and Women’s Hospital in Boston, remarked that while these pricing agreements claim to be revolutionary, they merely nibble away at the real issues fueling high prescription costs in the U.S. He pointed out that companies seem to be raising prices while simultaneously negotiating undisclosed discounts with insurers and setting additional prices for direct cash sales.
An HHS spokesperson declined to comment on this situation.
Pfizer has announced the highest number of price increases, affecting around 80 drugs, including Ibrance, Nurtec for migraines, and Paxlovid for COVID-19, along with some hospital-administered drugs like morphine. Most of Pfizer’s price hikes are under 10%, except for a 15% increase on its new COVID-19 vaccine Komirnati, although some hospital drugs have surged more than fourfold.
Pfizer stated that their adjusted average list prices for drugs and vaccines in 2026 are below the overall inflation rate. The company suggested that modest increases are necessary to continue investing in new drugs and to address rising business costs.
Historically, substantial drug price hikes in the U.S. were more frequent. However, pharmaceutical companies are now taking a step back in response to criticism from lawmakers and new regulations that penalize firms whose Medicare prices rise too quickly compared to inflation.
GSK, a European pharmaceutical firm, plans to increase prices for approximately 20 medications and vaccines between 2% and 8.9%. They argue that such increases are essential for promoting scientific innovation, although Sanofi and Novartis did not respond to requests for comments on their pricing strategies.
Additional price changes are anticipated in early January, typically the busiest month for pharmaceutical price hikes.
3Axis is a consulting firm collaborating with pharmacists, health plans, and certain pharmaceutical industry groups regarding drug pricing and supply chain challenges. They share staff and affiliations with the nonprofit 46brooklyn focused on drug pricing transparency.
