A new analysis from the Institute for Clinical and Economic Review and West Health finds that the median net price for 202 newly launched medicines was $257,000 in 2025, after adjusting for inflation and manufacturer discounts. That is a 35% increase from $173,000 in 2022. Although the STAT report notes that launch prices dipped slightly last year, the broader trend remains upward, with prices still far above what many patients and insurers can afford.
The analysis also found that roughly one in four drugs launched in 2025 had an annual net price exceeding $500,000, and another 34% were priced between $200,000 and $500,000. At the same time, the median list price — also adjusted for inflation — rose 24% to $293,000.
List prices are normally higher than net prices because discounts are subtracted IMPORTANT: net prices are typically lower than list pricesAMI. But in this case, the increase in net prices outpaced the increase in list prices. The authors of the analysis did not explain the divergence, but it suggests that discount levels vary substantially across different types of drugs.