Pharmaceutical Companies Raise Prices on Hundreds of Medications

The cost of over 700 medications has increased, including popular drugs like Ozempic and Mounjaro. The price hikes averaged 4.5% at the beginning of the year. Drugmakers are raising prices due to changes in the healthcare system, market conditions, and inflation. A class of medications called GLP-1 agonists, which includes Ozempic and Mounjaro, have seen notable increases in price. The rising demand for these drugs due to their weight-loss effects has caused shortages and subsequent price increases. Additionally, other widely used drugs such as Enbrel, Oxycontin, Plavix, and Wellbutrin have experienced price hikes ranging from 4.7% to 9.9%. The analysis by 46 Brooklyn highlights that a majority of brand drug price increases occur in January. The wholesale acquisition cost, which is based on drugmakers' charges to wholesalers, doesn't reflect the final cost for patients, who may pay less due to insurance coverage and discounts. However, not all medications have faced price increases, as about two dozen drugs, including certain insulin products, saw significant price drops at the beginning of the year. Notably, the price of some Novo Nordisk insulin products declined by 75% compared to the previous year, while other drugs like Cialis, Prozac, and Advair also experienced price decreases. These reductions are described as "truly remarkable from a historical perspective" by 46 Brooklyn.