Robert Pratta/Reuters
- Over 500 drugs in the US are due a price hike in January, Reuters reported.
- 140 drug brands will be affected by the impending price increases, it said.
- The Biden administration is planning to change how drug prices are negotiated — but not until 2026.
Pharmaceutical giants Pfizer, Sanofi, and Takeda Pharmaceutical are due to raise prices on more than 500 drugs in the US from January, according to the Reuters news agency.
Its report was based on data analyzed by healthcare research firm 3 Axis Advisors.
The impending price increases cover products from some 140 drug brands, the report said.
It comes as the pharmaceutical sector prepares for the Biden Administration's release of discounted prices for 10 high-cost drugs in September.
Further in the future, the Biden administration's Inflation Reduction Act includes new provisions to allow the government's Medicaid health program to directly negotiate drug prices with their makers — but only from 2026.
Per the Reuters report, price-hiking is not universal for the start of 2024.
It said that three companies, including GlaxoSmithKline, are poised to lower prices in January across at least 15 drugs.