Drug prices are heading into the new year with a familiar sting, and this time the list is longer than ever.
U.S. drugmakers are preparing to raise prices on at least 350 branded medications starting in 2026, according to data exclusively shared with Reuters by healthcare research firm 3 Axis Advisors. The planned hikes arrive amid continued public pressure from the government, which has repeatedly called on pharmaceutical companies to lower costs for American patients.
The number of planned increases is up sharply from this time last year, when companies outlined hikes on more than 250 drugs. The median increase sits at about 4%, roughly in line with what patients saw in 2025. The prices referenced are list prices and do not account for rebates or behind-the-scenes discounts negotiated with pharmacy benefit managers and insurers.
The drugs facing higher prices span everything from COVID, RSV, and shingles vaccines to cancer treatments like Ibrance. Five companies that previously reached pricing agreements with the Trump administration are also on the list of firms raising prices in January.
There are some cuts mixed in. About nine drugs are expected to see list price reductions, including a more than 40% cut for the diabetes drug Jardiance. Jardiance is one of the medications for which the federal government negotiated lower Medicare prices for 2026, a move that already forced a steep reduction under that program.
Still, critics say these selective cuts barely scratch the surface.
“These deals are being announced as transformative when, in fact, they really just nibble around the margins in terms of what is really driving high prices for prescription drugs in the U.S.,” said Benjamin Rome of Brigham and Women’s Hospital.
Among the most aggressive movers is Pfizer, which plans to raise prices on roughly 80 medicines, including Paxlovid and its COVID vaccine Comirnaty. Pfizer said the increases fall below overall inflation and are needed to support ongoing research and rising business costs.
While lawmakers once blasted double-digit price hikes, today’s increases are smaller but more widespread. With January historically being the busiest month for drug price changes, patients and advocates are bracing for more announcements as the new year begins.
