Pharmaceutical Companies to Raise Prices on Over 500 Drugs in January

The price hikes come amid preparations for the Inflation Reduction Act and concerns over potential supply chain disruptions.

Pfizer, Takeda, and other pharmaceutical companies are set to raise the prices of over 500 drugs in the U.S. in early January, with Pfizer having the most planned increases.
Despite these increases, the prices of 15 drugs are expected to drop during the same period.
The price hikes come as the pharmaceutical industry prepares for the Biden Administration's Inflation Reduction Act, which will allow Medicare to negotiate prices directly for some drugs starting in 2026.
Concerns are growing about potential disruption to supply chains due to a prolonged Middle East conflict, which could affect drug prices.
Prices for newly launched drugs have hit record levels, with the price of newly launched drugs in 2022 topping $220,000, a more than 20% increase from the first six months of 2021.