Americans are facing a price hike for popular diabetes medications Ozempic and Mounjaro this year. The list prices of these and about 900 other brand-name drugs were raised in January by the manufacturers. The average increase was 4.7%, exceeding the rate of inflation as figures cooled to 3.1% in January. Novo Nordisk increased the list price of Ozempic by 3.5% to $969 for a four-week supply, while Eli Lilly raised the list price of Mounjaro by 4.5% to $1,069 for a four-week supply.
For those without insurance or who have not met their annual deductible, the list price is what they will have to pay. However, many drug manufacturers offer savings cards and patient assistance programs to help with out-of-pocket costs.
One of the bigger issues is the spotty insurance coverage for weight-loss drugs, meaning some Americans have to pay out of pocket, exposing them to increases in list prices. These high costs have led individuals like Marlene Foss, a 72-year-old nursing professional, to make difficult decisions last year regarding her medications while still working to help pay for them.
Medicare enrolled individuals may also face increased costs, with beneficiaries like Mark Rapp, 68, having to bear substantial costs for necessary medications. With the issue reaching political platforms, President Joe Biden and former President Donald Trump, both running for election, have highlighted the importance of reducing drug costs and increasing Medicare’s role in negotiating prices.
Price increases have led to proposals and executive orders, prompting some drug manufacturers to reduce their annual price hikes under increased scrutiny from the White House and Congress.