Drugmakers aren’t raising prices like they used to, according to data from 46brooklyn Research.
On Jan. 1, 453 branded drugs increased in cost — a similar figure to the start of 2023, which saw 452 pricier brand-name drugs. Drugmakers typically make the most drug price changes in January, and in 2023 and 2024, there seems to be a downward trend.
In 2022, there were 540 drug price increases, and the year before, 46brooklyn Research recorded 602.
Not only are there fewer brand-name drugs with bigger price tags this year, but 24 products became cheaper on Jan. 1.
“That number is nearly unprecedented,” 46brooklyn Research said in a Jan. 12 news release. “In our dashboard — which tracks price change activity back to 2012 — no day has ever had that many brand list price decreases (let alone the first day of the year — a time we typically associate with increases).”
Halfway through January, drugmakers have increased prices for about 600 medications. 46brooklyn’s CEO, Antonio Ciaccia, told NPR he expects a few hundred more drug price increases before the end of the month.
But, Mr. Ciaccia added, the price decreases are nearly canceling out the price hikes.
“In the landscape of drug pricing, the year 2024 presents a noteworthy departure from the norm, marking a significant shift in the statistical trends,” the release said.