Trump's pressure has not stopped price increases: pharmaceutical companies plan to raise the prices of at least 350 drugs in the US

The Zhitong Finance App learned that according to data exclusively provided by medical research company 3 Axis Advisors, pharmaceutical companies plan to increase the prices of at least 350 branded drugs in the US, including vaccines against COVID, respiratory syncytial virus, and shingles, as well as Ibrance, a major cancer treatment. The move comes at a time when the Trump administration is pressuring him to cut prices.

Compared with the same period last year, there has been an increase in the number of drugs planned to increase in price in 2026. At this time last year, pharmaceutical companies announced plans to raise prices for more than 250 drugs. The median price increase this year was around 4%, the same as in 2025.

These increases do not reflect rebates or other discounts to drug benefit managers, etc.

Pharmaceutical companies have also lowered the prices of some drugs

Pharmaceutical manufacturers are also planning to lower the list prices for about 9 drugs. Among them, Boehringer Ingelheim's diabetes drug Jardiance and its three related treatments were reduced by more than 40%.

Boehringer Ingelheim, which co-sells Jardiance, and LLY.US (LLY.US) did not immediately respond to requests to comment on the reason for the price reduction.

Jardiance is one of 10 drugs that the US government negotiated and successfully reduced in 2026 for health insurance plans for people aged 65 and over. Based on negotiations, Boehringer and Eli Lilly cut the price of the drug by two-thirds.

Currently, patients in the US pay much more for prescription drugs than in other countries, usually nearly three times that of other developed countries. Trump has been pressuring drug makers to reduce prices to the same level that patients in similar wealthy countries pay.

Although Trump has agreed with 14 drug makers on the price of some of his drugs in government Medicaid programs and cash payers for low-income Americans, there are plans to increase the prices of 350 drugs. Companies such as PFE.US (PFE.US), Sanofi (SNY.US), Boehringer, Novartis (NVS.US), and GSK.US (GSK.US) are among them, and they are also planning to raise some drug prices on January 1.

“These agreements were declared transformative, but in fact, in terms of what really drives up the price of prescription drugs in the US, they are just minor fixes on the margins,” said Dr. Benjamin Romm, a health policy researcher at Brigham and Women's Hospital in Boston.

Romm said these companies appear to be maximizing prices while negotiating behind-the-scenes discounts with health and drug insurers, and then setting another price for direct cash payment sales to consumers.

A US Department of Health and Human Services spokesperson declined to comment.

Stay in line with inflation

Pfizer announced the largest catalog price increase, involving around 80 different drugs, including the cancer drug Ibrance, the migraine drug Nurtec, the COVID treatment Paxlovid, and some hospital medications such as morphine and hydromorphone.

Most of Pfizer's medications rose less than 10%, but the COVID vaccine ComirNaty increased 15%, while the prices of some of its relatively cheap hospital medications increased more than fourfold.

Pfizer said in a statement that it has adjusted the average catalog price of innovative drugs and vaccines in 2026 to a level below the overall inflation rate.

“Moderate price increases are necessary to support our investments, which enable us to continue to discover and deliver new drugs and address increased costs across the business,” the company said.

A sharp rise in drug prices in the US was once more common. Drug makers have curtailed price increases due to criticism from lawmakers and new government policies (such as punishing companies that charge health insurance plans more than the rate of inflation).

European pharmaceutical company GlaxoSmithKline plans to raise the prices of about 20 drugs and vaccines by 2% to 8.9%. The company said it is committed to reasonable pricing, and price increases are necessary to support scientific innovation.

Sanofi and Novartis did not respond to requests for comment.

More drug prices are expected to rise and drop in early January. Historically, January was the most important month for pharmaceutical companies to raise prices.

3 Axis is a consulting company that works with pharmacist groups, health plans, and some pharmaceutical industry related groups on drug pricing and supply chain issues. It is an associated entity of 46Brooklyn, a non-profit drug pricing organization, and shares employees with it.