Pharmaceutical companies just raised list prices for over 500 medicines, including Novo Nordisk’s Ozempic, Gilead’s HIV-1 treatment Biktarvy and Genentech’s hemophilia A medication Hemlibra.
Drugmakers typically increase prices in the U.S. every January, according to 46brooklyn Research, a nonprofit group that analyzes drug prices. And although this month’s price hikes are comparable with those in recent years, consumers and insurance companies will likely feel the impact.
“For patients in high-deductible health plans or who have cost sharing arrangements that are based on the list price, the increases will hit them,” Antonio Ciaccia, CEO of 46brooklyn, writes in an email to Money.
The median increase among medicines with a price hike was about 4% for 2025. That’s actually slightly below the typical increases from 2019 to 2024, which ranged from 4.5% to 5%. Of all the January 2025 price changes so far recorded, only seven have been price decreases.
The list price is the full “sticker” price of a medicine before any discounts. Insurance companies then negotiate discounts and rebates on drug prices, which means their net price — what they actually pay — is typically less than the list price.
Still, Ciaccia says, a list price increase can lead to a higher cost for insurance companies, depending on the competitive landscape of the particular drug.
In other cases, drug companies may increase list prices to be able to offer larger rebates, making their medicines eligible for government programs like Medicaid. “For government programs, these price increases could actually yield increased rebates (that even eclipse the value of the increase itself),” Ciaccia says.
The high cost of prescription drugs is a constant topic of discussion in the U.S., as studies have shown that Americans spend far more on medications than people in other countries.
Representatives in Washington offer differing views about what’s wrong with the drug pricing systems in the U.S. Democrats have criticized big pharmaceutical companies for their exorbitant drug prices, arguing that firms aiming to maximize profits have prioritized payouts to investors and executives over research and development. Republicans tend to blame high costs on powerful pharmacy benefit managers, which are middlemen between drugmakers and insurers.
Notable prescription drug price increases for 2025
Pfizer shows up in 46brookyn’s database of drug price increases more than any other drugmaker, with 67 price increases. Other large pharmaceutical companies including GSK, Bausch, Gilead and Bayer each increased prices for at least 10 products.
Here are 10 of the largest and most impactful prescription drug prices, highlighted by 46brooklyn:
- Collegium’s Nucynta oral tablet — 15% list price increase
- Bausch’s Aplenzin oral tablet, extended release — 9.9%
- Genentech’s Hemlibra solution for injection — 8%
- Harmony’s Wakix oral tablet — 7%
- Almirall’s Aczone topical gel — 6.1%
- Gilead’s Biktarvy oral tablet — 5.9%
- Entasis’s Xacduro powder for solution for injection — 5.1%
- BioMarin’s Palynziq solution for injection — 4.6%
- Novo Nordisk’s Ozempic solution for injection — 3%
- Boehringer Ingelheim’s Jardiance oral tablet — 3%
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We at 46brooklyn Research analyze drug prices and may receive compensation from our partners. Our research and financial considerations may affect how brands are displayed, and not all brands are included in our analysis. To learn more, please visit our website.
In recent news, pharmaceutical companies have raised the list prices for over 500 medicines, including Novo Nordisk’s Ozempic, Gilead’s HIV-1 treatment Biktarvy, and Genentech’s hemophilia A medication Hemlibra. This is a common practice for drugmakers in the U.S., with January being a typical month for price increases, according to 46brooklyn Research.
While the price hikes for this year are comparable to previous years, consumers and insurance companies are likely to feel the impact. Antonio Ciaccia, CEO of 46brooklyn, explains that patients in high-deductible health plans or with cost-sharing arrangements based on list prices will be affected. The median increase for medicines with a price hike was around 4%, which is slightly lower than the increases seen in recent years.
It’s important to note that the list price is the full price of a medicine before any discounts are applied. Insurance companies negotiate discounts and rebates, resulting in a lower net price. However, Ciaccia points out that list price increases can still lead to higher costs for insurance companies, depending on the competitive landscape of the drug.
In some cases, drug companies may increase list prices to offer larger rebates, making their medicines eligible for government programs like Medicaid. Ciaccia explains that for government programs, these price increases could actually result in increased rebates that exceed the value of the increase itself.
The high cost of prescription drugs in the U.S. is a constant topic of discussion, as studies have shown that Americans spend significantly more on medications than people in other countries. There are differing views on what is causing these high prices, with Democrats blaming pharmaceutical companies for prioritizing profits over research and development, and Republicans pointing to powerful pharmacy benefit managers as the cause.
According to 46brooklyn’s database, Pfizer has the most drug price increases, with 67 recorded. Other major pharmaceutical companies, such as GSK, Bausch, Gilead, and Bayer, have also increased prices for multiple products.
Some notable prescription drug price increases for 2025, as reported by Money.com, include a 15% increase for Collegium’s Nucynta oral tablet and an increase for Bausch’s Aplenzin oral tablet, extended according to SEO standards.
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