In recent findings, pharmaceutical companies have raised the prices of more than 700 medications, encompassing well-known drugs such as weight-loss medications Ozempic and Mounjaro, according to research by 46 Brooklyn.
The analysis reveals an average price increase of approximately 4.5% at the beginning of the year, a slightly slower pace compared to the preceding five years when drug prices rose by an average of 5% annually.
Notable among the price hikes are Ozempic and Mounjaro, both belonging to the GLP-1 agonists class designed to aid diabetics in blood sugar regulation. These drugs, recognized for their effectiveness in weight loss, have experienced increased demand, leading to shortages. Novo Nordisk’s Ozempic saw a 3.5% price increase to $984.29 for a month’s supply, while Eli Lilly’s Mounjaro rose by 4.5% to approximately $1,000 for a month’s worth.
Other drugs experiencing price increases this year include:
- Autoimmune disease medication Enbrel rose by 5%
- Pain medication Oxycontin rose by 9%
- Blood thinner Plavix rose by 4.7%
- Antidepressant Wellbutrin rose by 9.9%
46 Brooklyn’s analysis notes that the majority of brand prescription drug list price increases typically occur in January. Since 2018, over 60% of all brand drug list price increases took place in January.
It’s crucial to note that the analysis, based on wholesale acquisition cost, may differ from what patients ultimately pay. Patient costs are influenced by insurance coverage, rebates, and discounts.
In contrast, some medications experienced significant price reductions at the beginning of the year. Notable decreases include:
- Insulin products under the Novolog brand name by Novo Nordisk declined by 75%
- Erectile dysfunction drug Cialis dropped by 19%
- Antidepressant Prozac declined by 18%
- Chronic obstructive pulmonary disease medication Advair declined by 22% to 60%, depending on the formulation
While price reductions impact a smaller number of drugs compared to those with increased prices, 46 Brooklyn considers them “truly remarkable from a historical perspective,” particularly given the high-utilization nature of the affected drugs, such as insulins, asthma/COPD inhalers, and central nervous system (CNS) drugs.
