According to a report released Friday, pharmaceutical companies set median starting list prices 35% higher in 2023 than the previous year.
In 2022, the median list price for a drug being placed on the market was $222,000. Compare that to 2023, where the median drug price spiked to $300,000 despite the Biden Administration stating one of its goals was to keep pharmaceutical costs affordable for Americans.
President Joe Biden has announced plans to impose automatic rebates to Medicare for drugmakers that raise their prices faster than the rate of inflation—which does not cover the starting list price— and the President’s Inflation Reduction Act (IRA). However, Pfizer, Sanofi, and Takeda have raised prices on more than 500 drug doses and formulations this month alone.
