Major Drug Price Hikes Announced by Pharma Companies in 2024

Details:
Pharmaceutical companies, including Novo Nordisk and Eli Lilly, raised prices on 775 brand-name drugs in early 2024.
Median price increase of 4.5%, surpassing December's inflation rate of 3.4%.
Notable hikes: Ozempic up by 3.5% to nearly $970/month; Mounjaro up 4.5% to about $1,070/month.
Drugmakers justify increases due to market conditions, inflation, and drug value.
U.S. government began penalizing price hikes above inflation rate in 2023.
Eliquis, a blood-thinner, saw a 6% increase to $594/month; Bristol-Myers Squibb and Pfizer emphasize stable net price due to rebates and discounts.
While some drug prices rose significantly, over two dozen drugs saw price declines of more than 10%.
Industry analysis indicates declines in net prices for pharmaceutical companies, despite list price growth.
Drugmakers assert list price hikes are to offset larger discounts, not increase profits.