The median net price for newly launched medicines increased by 35% last year to $257,000, according to a new analysis. This figure represents an adjustment for inflation and manufacturer discounts, up from $173,000 in 2022. The study examined 202 new medicines released in 2025.
The Institute for Clinical and Economic Review and West Health produced the analysis. The former is a nonprofit focused on evaluating medicine value, while the latter is a nonprofit that pushes for reduced health care costs. The findings show that approximately one in four of the 2025 launches had an annual net price exceeding $500,000. Another 34% of the drugs were priced between $200,000 and $500,000.
While net prices reflect what is actually paid after discounts, list prices remain higher. The median list price for these drugs also rose during the same period, increasing by 24% to $293,000 when adjusted for inflation. The divergence between the growth rates of net and list prices suggests varying discount levels across different types of drugs, although the specific reasons for these differences were not analyzed in the report.