Drugmakers Hike Prices of Ozempic, Mounjaro, and Almost 800 Other Drugs

Almost 800 medications, including diabetes drugs Ozempic and Mounjaro that are now being used as weight loss tools, have increased in price this year, according to The Wall Street Journal. This means that copays will increase for consumers who use these drugs.

In the first half of January 2024, drugmakers made 775 name-brand drugs more expensive. The median increase was 4.5%, though some brands saw as much as a 10% jump. Both figures are higher than the current rate of inflation.

The price of Ozempic, which Novo Nordisk manufactures, rose 3.5% to $984.29 for a month’s supply, while Eli Lilly’s Mounjaro rose 4.5% to about $1,000 for a month’s medication. These drugs are designed to help people with diabetes regulate their blood sugar, but they’ve also been found to be effective weight-loss drugs. As a result, these drugs have been in greater demand, leading to shortages. 

Prescriptions for Ozempic and similar drugs quadrupled between 2020 and the end of 2022, reported The Washington Post. These prescriptions come from providers who are writing prescriptions for patients who do not have diabetes and, instead, are using it for weight loss.

“Technically, most brand prescription drug list price increases occur in either January or July each year, but the greatest number take place in January (and thus, January gets all the attention),” said 46brooklyn Research, a nonprofit that aims to improve the accessibility and usability of drug pricing data in the U.S. “By our counts, since 2018, more than 60% of all brand drug list price increases that occur throughout the course of each year are implemented in the month of January.”

The price increase could be especially concerning to patients, particularly those whose healthcare plans do not cover Ozempic, Mounjaro, or other drugs for weight-loss issues.

Other drugs that have also seen sharp spikes in cost increase are Enbrel, used for autoimmune diseases; Oxycontin, a pain medication; Plavix, a blood thinner; and Wellbutrin, an antidepressant.