The Cost of More Than 500 Medications is Expected to Rise with the New Year

January 16, 2024

We all make plans for the New Year. Big Pharma has plans, too. They include raising costs on your prescription medications.

And it’s not just a few medications – it’s more than 500, according to Reuters. Some of the companies raising prices include Pfizer, Sanofi and Takeda Pharmaceutical.

Later this year, the Biden Administration is expected to release discounted prices for 10 costly drugs, and this price hike comes ahead of that. There are also concerns about how the conflict in the Middle East is affecting the supply chain.

But there is some good news! Three companies have announced they will cut prices over the course of this year, including some drugs to treat asthma and epilepsy.

This is at least the second year Pfizer has increased prices, and this year it is increasing the cost of 124 drugs. Sanofi pledged to cut prices on most of its insulin products this year,  but will raise prices by 9% on vaccines including ones for typhoid fever, rabies and yellow fever. Have you looked into your prescriptions to see if the cost will increase this year? Tell us your story!