As Trump Claims He's Slashing Costs, Big Pharma Jacks Up Prices on 350 Drugs

President Donald Trump in recent months has made ludicrously false claims about his administration slashing prescription drug prices in the US by as much as 600%, which would entail pharmaceutical companies paying people to use their products.

In reality, reported Reuters on Wednesday, drugmakers are planning to raise prices on hundreds of drugs in 2026.

Citing data from healthcare research firm 3 Axis Advisors, Reuters wrote that at least 350 branded medications are set for price hikes next year, including "vaccines against COVID, RSV, and shingles," as well as the "blockbuster cancer treatment Ibrance."

The total projected number of drugs seeing price increases next year is significantly higher than in 2025, when 3 Axis Advisors estimated that pharmaceutical companies raised prices on 250 medications.

The median price increase for drugs next year is projected at 4%, roughly the same as in 2025.

Reuters also found that some of the companies raising prices on their drugs are the same ones who struck deals with Trump to lower the costs of a limited number of prescriptions earlier this year, including Novartis, Pfizer, Boehringer Ingelheim, and GSK.

In announcing the deals with the pharmaceutical companies, Trump declared that "starting next year, American drug prices will come down fast and furious and will soon be the lowest in the developed world."

But Dr. Benjamin Rome, a health policy researcher at Brigham and Women's Hospital in Boston, told Reuters that the projected savings for Americans under the Trump deals are a drop in the bucket compared with the continued price hikes on other drugs.

"These deals are being announced as transformative when, in fact, they really just nibble around the margins in terms of what is really driving high prices for prescription drugs in the US," Rome explained.

Merith Basey, CEO of Patients For Affordable Drugs Now, a patient advocacy organization focused exclusively on lowering the cost of medications, also said she was unimpressed by Trump's deals with drugmakers.

"Voluntary agreements with drug companies—especially when key details remain undisclosed—are no substitute for durable, system-wide reforms," she said earlier this month. "Patients are overwhelmingly calling on Congress to do more to lower prescription drug prices by holding Big Pharma accountable and addressing the root causes of high drug prices, because drugs don’t work if people can’t afford them."