US pharmaceutical firms plan to increase list prices on at least 350 branded medicines in 2026, including key Covid vaccines and cancer drug Ibrance, despite pressure from the Trump administration for reductions.
Major pharmaceutical companies in the US are preparing to raise list prices on at least 350 branded medicines in 2026, even as the Trump administration presses them to reduce costs. The increases cover a wide range of products, including vaccines for Covid, RSV and shingles, as well as cancer therapy Ibrance and Covid treatment Paxlovid.
Scale of increases and limited cuts
The latest batch of planned hikes exceeds last year’s tally, when more than 250 drugs saw list price rises. The typical increase is around 4 per cent, broadly similar to 2025, and does not factor in confidential rebates or discounts negotiated with pharmacy benefit managers and insurers. Alongside the hikes, manufacturers intend to cut list prices on roughly nine medicines, including a reduction of more than 40 per cent for diabetes drug Jardiance and related treatments, after US Medicare price negotiations forced a two thirds cut for that product from 2026.
Political pressure and criticism
The pricing moves come despite President Donald Trump’s push to narrow the gap between what Americans pay for prescription medicines and what patients are charged in other wealthy countries, where prices are often up to three times lower. His administration has struck agreements with 14 companies, including Pfizer, Sanofi, Boehringer Ingelheim, Novartis and GSK, to offer lower prices for certain drugs under Medicaid and for cash paying customers, even as those same firms plan fresh hikes on other products. Health policy experts argue that such deals do little to address the broader drivers of high drug costs and accuse manufacturers of maximising list prices while quietly negotiating selective discounts.
Pfizer and GSK among leading risers
Pfizer is responsible for the largest number of planned increases, covering around 80 medicines and vaccines such as Ibrance, migraine tablet Nurtec, Covid drug Paxlovid and hospital staples like morphine and hydromorphone. Most Pfizer rises remain below 10 per cent, although Covid vaccine Comirnaty will go up by about 15 per cent and some inexpensive hospital drugs will see prices more than quadruple. The company says its overall 2026 list price adjustments are below the general rate of inflation and necessary to fund research and offset higher operating costs. European group GSK plans to lift prices on around 20 medicines and vaccines by between 2 per cent and 8.9 per cent, arguing that the changes support continued scientific innovation.
Outlook for early 2026
Larger price jumps were more common in previous years, but strong political scrutiny and new rules that penalise increases above inflation in the Medicare programme have encouraged drugmakers to moderate headline rises. Nonetheless, analysts expect additional price changes to be announced in early January, which is traditionally the busiest period for US pharmaceutical repricing.
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