Prescription drug manufacturers raised prices on nearly 600 drugs in January, according to an analysis by 46brooklyn Research. Among those medications impacted by the increases are drugs used to treat diabetes, HIV, COVID-19, and cancer, as well as other conditions.
The Reuters news organization says most of the price increases are below 10%, with a median price increase of 4.5%. That number is in line with 2024, but lower than the 10% annual price hike that was standard for years.
Consumers can expect to pay more this year for Pfizer’s COVID-19 treatment, Paxlovid, as well as Novo Nordisk’s Type 2 diabetes drug, Ozempic, and cancer-related medications.
Wegovy, also made by Novo Nordisk with the same active ingredient as Ozempic, is not increasing its price . . . at least not yet.
It is expected that patients could pay more, but it depends on their health plans. NPR reports that if a drug is not covered by insurance, and its price increases, the out-of-pocket cost for consumers will likely increase. If it has been covered in the past, the insured could see a copay increase or higher coinsurance in 2025. Whether it’s part of the plan’s drug formulary is another consideration.
The impact of President Trump’s tariffs could also affect drug pricing in 2025. More than 90% of generic drugs in the U.S. are imported – most of which come from China and India.