Although increases in drug prices have slowed over the last several years, the upward trend has continued and 2021 is no different. What is new, however, is the number of medications that are increasing in price – this year we are seeing the largest number ever. In January 2021, 832 drugs increased in price by an average of 4.6%. In 2019, there were 657 medications with price hikes, and in 2020 there were 715.
Of the 832 medications with price increases this year, 822 are brand drugs, 10 are generic, 175 are specialty drugs, and 77 are healthcare practitioner administered drugs. The median medication price increase is 4.8%, but some medications have greater increases, including Humira® (7.4%) and Eliquis® (6%). GSK raised prices on 2 vaccines – Shingrix® and Pediarix® by 7% and 8.6% respectively. Pfizer plans to raise prices by between 0.5% and 5% on more than 60 medications, including some of its top sellers like Xeljanz XR®, Ibrance®, and Inlyta®.
The increases are partly a result of developing vaccines for COVID-19 and decreased revenue due to low numbers of doctor office visits and prescriptions during the lockdown. Many manufacturers will continue to offer drug rebates and patient assistance. Be familiar with which manufacturers offer these programs for those without insurance.
800+ Drugs Became More Expensive This January — The Largest Number of Increases in Years
Although increases in drug prices have slowed over the last several years, the upward trend has continued and 2021 is no different. What is new, however, is the number of medications that are increasing in price – this year we are seeing the largest number ever. In January 2021, 832 drugs increased in price by an average of 4.6%. In 2019, there were 657 medications with price hikes, and in 2020 there were 715.
Of the 832 medications with price increases this year, 822 are brand drugs, 10 are generic, 175 are specialty drugs, and 77 are healthcare practitioner administered drugs. The median medication price increase is 4.8%, but some medications have greater increases, including Humira® (7.4%) and Eliquis® (6%). GSK raised prices on 2 vaccines – Shingrix® and Pediarix® by 7% and 8.6% respectively. Pfizer plans to raise prices by between 0.5% and 5% on more than 60 medications, including some of its top sellers like Xeljanz XR®, Ibrance®, and Inlyta®.
The increases are partly a result of developing vaccines for COVID-19 and decreased revenue due to low numbers of doctor office visits and prescriptions during the lockdown. Many manufacturers will continue to offer drug rebates and patient assistance. Be familiar with which manufacturers offer these programs for those without insurance.
800+ Drugs Became More Expensive This January — The Largest Number of Increases in Years
Although increases in drug prices have slowed over the last several years, the upward trend has continued and 2021 is no different. What is new, however, is the number of medications that are increasing in price – this year we are seeing the largest number ever. In January 2021, 832 drugs increased in price by an average of 4.6%. In 2019, there were 657 medications with price hikes, and in 2020 there were 715.
Of the 832 medications with price increases this year, 822 are brand drugs, 10 are generic, 175 are specialty drugs, and 77 are healthcare practitioner administered drugs. The median medication price increase is 4.8%, but some medications have greater increases, including Humira® (7.4%) and Eliquis® (6%). GSK raised prices on 2 vaccines – Shingrix® and Pediarix® by 7% and 8.6% respectively. Pfizer plans to raise prices by between 0.5% and 5% on more than 60 medications, including some of its top sellers like Xeljanz XR®, Ibrance®, and Inlyta®.
The increases are partly a result of developing vaccines for COVID-19 and decreased revenue due to low numbers of doctor office visits and prescriptions during the lockdown. Many manufacturers will continue to offer drug rebates and patient assistance. Be familiar with which manufacturers offer these programs for those without insurance.
800+ Drugs Became More Expensive This January — The Largest Number of Increases in Years
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