Drug Prices Surge in 2023 Despite Biden Administration Efforts

Pharmaceutical companies set new drug prices 35% higher than the previous year, challenging the administration's initiatives to control costs.

Median list price for new drugs in 2023 reached $300,000, up from $222,000 in 2022.
Pfizer, Sanofi, and Takeda raised prices on over 500 drug doses and formulations in January alone.
The Biden Administration's Inflation Reduction Act aims to impose automatic rebates for price hikes above inflation, but challenges persist.
Treatments for rare diseases, including a $3.2 million gene therapy, drive the price surge.
Negotiations for Medicare to directly negotiate drug prices are ongoing, with effects expected in 2026.