23 Drugs With Astronomical Price Hikes in 2024

The nation’s annual inflation rate had settled to 3.4% by the end of 2023. But many prescription drugs still saw much larger price hikes in January 2024.

This isn’t the first time drug manufacturers have significantly outpaced the inflation rate. Between January 2022 and January 2023, prices increased for more than 4,200 drug products, according to federal data. Nearly half (46%) of those hikes were larger than the rate of inflation at the time.

Companies aren’t being shy about price hikes in 2024, either — with a couple reaching as high as 20%. That’s more than six times the inflation rate.

Nonprofit group 46brooklyn Research recently compiled data on name-brand pharmaceuticals and their price hikes. The prices of the following drugs all saw increases of 10% or more in January.

Ferriprox (two formulations)

Product name: Ferriprox oral solution and Ferriprox tablet

Manufacturer: Chiesi USA

Price increase in January 2024: 21.4% (solution form) and 13.2% (tablet form)

Ferripox treats patients with an overload of iron in their blood due to blood transfusions. It’s often given to patients with sickle cell disease or thalassemia. It received FDA approval in 2011.

Femring

Product name: Femring insert

Manufacturer: Millicent Pharma

Price increase in January 2024: 19.7%

Femring is an estrogen-releasing ring insert for women in menopause to treat vasomotor symptoms such as hot flashes and night sweats. It’s been on the market for some time, getting FDA approval in 2003.

Intrarosa

Product name: Intrarosa insert

Manufacturer: Millicent Pharma

Price increase in January 2024: 12.7%

Introrosa is prescribed to postmenopausal women who, due to biological changes from menopause, experience moderate to severe pain during intimacy. The once-daily steroid insert was approved by the FDA in 2016.

Other drugs with double-digit price hikes

Many other drugs from major manufacturers had 10% price increases for 2024. According to 46brooklyn’s analysis, they are:

Acorda Therapeutics

1. Ampyra extended-release tablet — for multiple sclerosis

Arbor Pharmaceuticals

1. Edarbi tablet — for high blood pressure
2. Edarbyclor tablet — for high blood pressure
3. Sotylize oral solution — for ventricular arrhythmias
4. Gliadel implant — for high-grade glioma (tumor in the brain or spinal cord)
5. Horizant extended-release tablet — for moderate to severe restless leg syndrome

Azurity Pharmaceuticals

1. FIRVANQ oral powder — for clostridium difficile colitis and staph infections
2. Thyquidity oral solution — for hypothyroidism
3. Xatmep oral solution — for pediatric leukemia

Pfizer

1. ATGAM Solution for injection — for aplastic anemia and kidney transplant rejection
2. Bicillin C-R and Bicillin L-A suspensions for injection — for upper-respiratory infections, skin and soft-tissue infections, scarlet fever and erysipelas
3. Prostin VR Pediatric Solution for injection — a preoperative medication for newborns with heart issues

Hospira

1. Hextend solution for injection — for hypovolemia
2. Demerol solution for injection — a pre-operative anesthesia aid
3. Plegisol cardioplegic solution — used during open-heart surgery
4. Marcaine solutions for injection — local anesthetics
5. Nipent lyophilisate for solution for injection — for cancer treatment
6. Tham solution for injection — used in heart surgery
7. Marcaine spinal solutions for injection — local anesthetics