Summary

Drugmakers plan to raise U.S. prices on over 250 branded medicines starting Jan. 1, 2025, including Pfizer’s Paxlovid and Bristol Myers Squibb’s cancer therapies.

Most hikes are under 10%, with a median increase of 4.5%, consistent with recent years. Companies like Merck are cutting prices on select drugs.

Critics highlight high U.S. drug costs, as new drugs launched in 2023 were priced 35% higher than in 2022.

Pfizer cited inflation and R&D costs for its adjustments, while Bristol Myers defended high prices for transformative cancer treatments. Additional price hikes are expected in January.