The news: The median price of newly launched prescription drugs increased by over 50% over two years, according to new analysis from the Institute for Clinical and Economic Research (ICER).

Zooming in: The 51% median net price increase across of the 154 newly FDA-approved drugs debuted between 2022 to 2024 included drugmaker discounts, rebates, and inflation adjustments.

• The median list price, which is the publicly available price before any discounts, increased by 24% during that same time period, per the non-profit ICER’s calculations.
• ICER previously reviewed 23 of the new drugs for cost effectiveness, but the new analysis found 16 of those launched with net prices higher than the suggested upper limit for health benefits. It estimated those differences cost the US healthcare system an extra $1.3 billion to $1.5 billion in first-year spending.
• Gene and cell therapies, and cancer and endocrine/metabolic drugs were associated with significantly higher launch prices.

The bigger picture: The Trump administration is currently pressuring pharma companies to set brand-name drug prices at the same lower cost given to other developed countries, known as most-favored nation pricing. Pfizer and AstraZeneca have already struck deals with the administration to offer equalized pricing for new drug launches and Medicaid.

Why it matters: US consumers are struggling to pay for prescription drugs.

• 28% of adults who take Rx medicines did not fill at least one prescription during the past 12 months because they didn’t have the money to pay for it, per an Initiative for Medicines, Access and Knowledge (I-MAK) survey in June 2025 published this week.
• 58% use strategies like skipping or delaying prescription fills to cut costs.
• 86% strongly or somewhat agree that US consumers should be allowed to buy prescription drugs from other countries if they’re less expensive and can be done safely.

The takeaway: Drugmakers are walking a narrowing path between innovation and affordability. Although the industry continues to bring innovative therapies to market, high launch prices risk alienating consumers and policymakers.

Pharma marketers should prepare for intensified pricing scrutiny and create value-driven narratives anchored in outcomes data, financial support programs, and digital support tools that help patients connect price to health benefits.