Drug Prices Set to Rise on 350 Medicines in US amid Trump Pressure

Despite mounting political pressure from President Donald Trump’s administration to rein in prescription drug costs, pharmaceutical companies are preparing to raise prices on at least 350 medications in the United States, according to exclusive data from health research firm 3 Axis Advisors.

The planned increases span a wide range of treatments, including vaccines for Covid-19, respiratory syncytial virus (RSV), and shingles, as well as high-profile medicines such as Pfizer’s cancer drug Ibrance. The moves underscore the persistent tension between drugmakers’ pricing strategies and Washington’s efforts to make medicines more affordable for American patients.

The number of planned price increases for 2026 exceeds last year’s total, when companies announced hikes on more than 250 drugs during the same period. On average, prices are set to rise by around 4%, roughly in line with increases expected for 2025. These figures reflect list-price changes and do not account for confidential rebates or incentives negotiated with pharmacy benefit managers.

At the same time, companies intend to cut prices on about nine medications, including a reduction of more than 40% for the diabetes drug Jardiance, sold jointly by Boehringer Ingelheim and Eli Lilly. The companies did not immediately respond to requests for comment explaining the price cut.

Jardiance is among the ten drugs whose prices were negotiated by the U.S. government under Medicare for people aged 65 and older, with the negotiated deal cutting its price by roughly two-thirds starting in 2026.

U.S. patients continue to pay the highest prices in the world for prescription drugs—often up to three times more than patients in other advanced economies. Trump has repeatedly urged pharmaceutical companies to align U.S. prices with those charged in comparable wealthy countries.

The latest round of increases comes even as the administration has reached agreements with 14 drugmakers covering prices for certain medications under Medicaid, which serves low-income Americans, and for some cash-paying consumers. Companies including Pfizer, Sanofi, Boehringer Ingelheim, Novartis, and GlaxoSmithKline are among those planning price hikes beginning January 1.

“These deals are often presented as transformative,” said Dr. Benjamin Rome, a health policy researcher at Brigham and Women’s Hospital in Boston. “In reality, they address only a small fraction of the structural reasons prescription drug prices remain so high in the United States.”

Rome added that manufacturers appear to maximize profits by quietly negotiating discounts with insurers while maintaining higher list prices for direct, out-of-pocket purchases.

Pfizer plans the largest number of price hikes, affecting roughly 80 drugs, including Ibrance, the migraine treatment Nurtec, the Covid-19 antiviral Paxlovid, and hospital-administered medications such as morphine and hydromorphone.

Most of Pfizer’s increases are below 10%, though the company plans a 15% hike for its Covid-19 vaccine Comirnaty. Some lower-cost hospital drugs, however, are set to see price increases of more than fourfold.

In a statement, Pfizer said the average list-price increase for its innovative medicines and vaccines in 2026 would be below the general inflation rate. “These modest increases are necessary to support continued investment in discovering and delivering new medicines, while also addressing rising costs across our operations,” the company said.

Large, headline-grabbing price hikes were once more common in the U.S. pharmaceutical market. In recent years, however, companies have moderated increases following intense criticism from lawmakers and new policies that penalize firms for raising Medicare prices faster than inflation.

European drugmaker GSK also plans to raise prices on around 20 drugs and vaccines, with increases ranging from 2% to 8.9%, saying the adjustments are needed to sustain scientific innovation while maintaining responsible pricing.

More price changes, both increases and cuts, are expected in early January, traditionally the busiest month for pharmaceutical pricing adjustments.

3 Axis Advisors, the firm that compiled the data, works with pharmacy groups, health insurers, and other stakeholders on drug pricing and supply chain issues. It is affiliated with the nonprofit organization 46 Brooklyn, which focuses on prescription drug pricing.

As policymakers tout reforms and negotiations, the latest data suggest that for many American patients, relief at the pharmacy counter may remain elusive.