Washington, D.C. – Pharmaceutical companies plan to implement price increases on at least 350 branded drugs in the United States, including vaccines for COVID-19, RSV, shingles, and the prominent cancer medication Ibrance. This announcement comes amid ongoing pressure from the Trump administration for the industry to cut prices.

The planned price hikes for 2026 surpass the previous year’s figures, when more than 250 medications were set for increases. The median price rise expected this year is approximately 4%, consistent with last year’s trends. However, these increases do not consider any rebates or discounts typically negotiated with pharmacy benefit managers.

In a notable shift, several drugmakers intend to reduce prices on about nine treatments, including a significant reduction of over 40% for Boehringer Ingelheim’s diabetes medication, Jardiance, and related drugs. Both Boehringer Ingelheim and Eli Lilly, who market Jardiance together, have not commented on the reasons behind these cuts.

Jardiance is among the medications for which the U.S. government negotiated lower prices for seniors enrolled in Medicare for 2026. Under this agreement, the price for Jardiance was slashed by two-thirds.

Patients in the U.S. often bear the highest prescription drug costs in the world, frequently paying nearly three times what is charged in other developed countries. Amidst these realities, the Trump administration continues to advocate for drug pricing that aligns more closely with costs in other affluent nations.

These planned price increases coincide with agreements reached by Trump’s administration with 14 pharmaceutical companies regarding medicine prices for the Medicaid program and cash customers. Notable firms like Pfizer, Sanofi, Boehringer Ingelheim, Novartis, and GSK are among those expected to raise prices as of January 1.

Health policy researcher Dr. Benjamin Rome expressed skepticism about the effectiveness of these deals, suggesting that they do not address the root causes of high U.S. drug prices. He noted that companies appear to maximize their list prices while negotiating different rates with health insurers and cash-buying customers.

Pharmaceutical giant Pfizer leads the way in announced price hikes, affecting around 80 different drugs, including Ibrance, Nurtec, and Paxlovid. Most of Pfizer’s increases are under 10%, except for a notable 15% increase on its COVID vaccine Comirnaty, with some less expensive hospital treatments seeing hikes of over 400%.

In a recent statement, Pfizer claimed the increases remain below the overall inflation rate, asserting that the modest adjustments are necessary to support continued innovation and address rising operational costs.

Historically, larger price hikes were more prevalent, but increased scrutiny from lawmakers and new regulations, such as penalties for price increases exceeding inflation for Medicare, have moderated these trends. European company GSK plans to raise prices on about 20 drugs and vaccines within a range of 2% to 8.9%, emphasizing a commitment to maintaining reasonable pricing to support scientific advancements.

With more price changes anticipated in early January, which is typically a peak month for pharmaceutical pricing adjustments, the industry remains under close watch. 3 Axis Advisors, a consulting firm that collaborates with pharmacist groups and health plans, has provided insights into these pricing dynamics.