"2024 Drug Price Surge: Pfizer Leads as Medicare Negotiates Amid Legal Battles and Inflation Act Effects"

Major pharmaceutical companies like Pfizer, Sanofi, and Takeda are planning to raise prices on over 500 drugs in the U.S. in January 2024, ahead of the Biden Administration's move to publish discounted prices for certain high-cost drugs in September. This comes as the industry grapples with high inflation and manufacturing costs. However, some companies, including GSK, plan to reduce prices on a number of drugs. Despite the inflationary environment, drug price increases have been kept below 10%, with a median increase of around 5% since 2019, reflecting a more cautious approach by drugmakers amidst changing policies and negotiations with Medicare.