The costs of over 350 different drugs are set to rise in the United States this year as multiple pharmaceutical companies, including Pfizer, prepare for President Joe Biden’s Inflation Reduction Act (IRA) to take effect and inflation continues to soar.
Pfizer, AstraZeneca, GlaxoSmithKline, Bristol Myers Squibb, and Sanofi are among several drugmakers set to raise prices on more than 350 products from January, according to an analysis conducted by health care research firm 3 Axis Advisors.
Along with the IRA, the price hikes are also in response to the soaring cost of living and continued supply chain constraints that have led to higher manufacturing costs.
Under the IRA, the government’s Medicare program will be able to directly negotiate the prices of some drugs that don’t have competition starting in 2026. The increases are on list prices, which do not include rebates to pharmacy benefit managers and other discounts.
The Medicare health insurance program covers individuals who are 65 or older and those with certain disabilities.
Specifically, the provision allows the government to negotiate a “fair price” for 10 drugs covered by Medicare Part D in 2023, with those prices being implemented three years later. The negotiated price list expands to 15 drugs in 2027 and 2028 and 20 in 2029.
Drugs selected for 2026 price negotiation will be announced by Sept. 1, 2023, and manufacturers that don’t follow the negotiation requirements will be subject to tax and penalties.
Drugmakers Raised Cost of Over 1,000 Drugs in 2022
Although drugmakers tend to avoid implementing major price hikes, a drug pricing non-profit that is related to 3 Axis called 46brooklyn Research found that manufacturers raised the prices of 1,400 different drugs in 2022, marking the most increases since 2015.
According to 46brooklyn, the median drug price increase was 4.9 percent last year, while the average increase was 6.4 percent. Both of those increases are, however, lower than the current inflation rates in the United States.
However, Antonio Ciaccia, president of 3 Axis, said that the IRA would implement a dynamic in which drugmakers launch products at higher costs so that further price hikes aren’t required.
An example is Biogen’s highly controversial Alzheimer’s drug Aduhelm, which initially came with a price tag of $56,000 per year. That was later halved following public backlash and scrutiny over the drug’s efficacy.
A report released on Dec. 29 by the House Oversight and Energy and Commerce committees found that the U.S. Food and Drug Administration’s approval process for the drug was “rife with irregularities” and “highly atypical.”
“Drugmakers have to take a harder look at calibrating those launch prices out of the gate … so they don’t box themselves in to the point where in the future, they can’t price increase their way back into profitability,” Ciaccia said.
To date, Pfizer has announced the most increases across 89 unique drug brands, including a 6 percent rise in the cost of Xeljanz, a treatment for autoimmune diseases including rheumatoid arthritis and ulcerative colitis, and 7.9 percent increases for cancer drugs Ibrance and Xalkori.
The New York-headquartered company also implemented an additional increase in 10 drug brands at its Hospira subsidiary.
Inflation Is 1 Reason for Price Hikes
London-headquartered GSK, formerly GlaxoSmithKline, has announced the second highest amount of increases, with planned hikes so far in 26 unique drugs, including nearly a 7 percent increase on its FDA-approved vaccine for the prevention of shingles, Shingrix.
COVID-19 vaccine maker AstraZeneca is also set to raise prices around 3 percent for its blood cancer treatment Calquence, non-small cell lung cancer drug Tagrisso, and asthma treatment Fasenra, while Bristol Myers Squibb is set to hike its CAR-T cell therapies Abecma and Breyanzi by 9 percent. Both of those blood cancer treatments were already more than $400,000 a year.
French multinational pharmaceutical and health care company Sanofi also plans to raise prices on 14 of its drugs or vaccines.
A Pfizer spokesperson attributed the price hikes to much-needed support investments in drug discovery and noted that net prices—those the company actually receives for its drugs—have fallen in the past four years owing to what Pfizer says are higher rebates and discounts paid to insurance companies and pharmacy benefit managers.
AstraZeneca spokesman Brendan McEvoy said the company has “always taken a thoughtful approach to pricing, and we continue to do so, considering many factors.”
A spokesperson for Bristol Myers Squibb credited the price hikes to increased inflation, the value of the therapies, and the “personalized nature” behind the manufacturing of CAR-T cell therapies.
A Sanofi spokesperson said the price hikes in 2023 are “consistent with its approach to responsible pricing, adherence to government policies, and the need to respond to evolving trends in the marketplace.”
Reuters contributed to this report. Article cross-posted from our premium news partners at The Epoch Times.
Three Reasons a Coffee Gift Set From This Christian Company Is Perfect for Christmas
When you’re searching for a Christmas gift that’s meaningful, useful, and rooted in faith, you don’t want to settle for anything generic. This season is filled with noise — mass-produced products, last-minute picks, and trends that fade as quickly as they appear. But one gift stands apart because it blends genuine quality with a message that matters: a coffee gift set from Promised Grounds Coffee.
This small Christian-owned company has become a favorite among believers who want to support faith-driven businesses while giving friends and family something they’ll actually enjoy. Here are three reasons a Promised Grounds Coffee gift set may be the most thoughtful and impactful present you give this year.
1. It’s Truly Delicious Coffee
Too many “gift-worthy” coffees look beautiful in the package but disappoint when the cup is poured. Promised Grounds takes the opposite approach — exceptional taste first, thoughtful presentation second.
Their beans are sourced with care, roasted in small batches, and crafted to bring out a rich, smooth flavor profile that appeals to both casual drinkers and true coffee lovers. Whether someone enjoys bold, dark roasts or lighter, more delicate blends, every sip reflects quality that stands shoulder-to-shoulder with the biggest specialty brands.
Simply put: this coffee is good. Really good. Some say it’s absolutely fantastic. If you want a gift that won’t be re-gifted, ignored, or shoved in a cabinet, this is it.
2. It Spreads the Word While Serving a Real Purpose
There are many Christian gifts that are meaningful… but not exactly practical. There are also useful gifts that have nothing to do with faith. Promised Grounds Coffee bridges both worlds beautifully.
Each gift set delivers an encouraging, faith-centered message through its packaging and presentation — a simple but powerful reminder of God’s goodness during the Christmas season. The cups are especially popular and serve as a daily reminder of the blessings from our Lord. At the same time, the product itself is something people will actually use and appreciate every single day.
It’s a gift that uplifts the spirit and fills the mug. A gift that points loved ones toward Scripture while still being part of the normal rhythm of life. And in a culture that increasingly pushes faith to the margins, giving a gift that quietly but confidently honors Christ can make a deeper impact than you might expect.
3. It’s Affordable, Valuable, and Elegantly Presented
Many people want to give something meaningful without breaking their Christmas budget. Promised Grounds Coffee strikes that perfect balance — the sets look and feel premium, but the price remains accessible.
The packaging is classy, clean, and gift-ready, making it ideal for:
- Family members of all ages
- Co-workers or employees
- Church friends or small-group leaders
- Hosts, neighbors, and last-minute gift needs
It’s the kind of gift that feels more expensive than it is — and more thoughtful than most of what you’ll find on store shelves.
The Perfect Blend of Faith, Flavor, and Christmas Cheer
A coffee gift set from Promised Grounds Coffee checks every box: a gift that tastes amazing, conveys your faith, supports a Christian business, and brings daily enjoyment to the person who receives it. In a season when so many gifts are forgotten, this one stands out for all the right reasons.
If you want a Christmas present that reflects your values and delivers genuine joy, Promised Grounds Coffee is the perfect place to start.
