Many Americans are still struggling to cover health care costs as we begin 2022. Hundreds of drugs have already seen price hikes. Learn more about the state of prescription prices during the pandemic.

As we begin 2022, many Americans wonder if the cost of their prescriptions will skyrocket in the new year. One poll found that 18 million Americans can’t pay for the medications they need, and many fear that any increases will make it even more challenging to find relief.

Data shows that hundreds of common medications – 460 on January 1 alone – have already seen prices go up this year, with average increases of 5% to 6%. These numbers aren’t out of the ordinary for the typical start to a year. (Last January, 832 drugs saw a 4.6% increase on average.) But they come as people are already experiencing significant losses and challenges because of the COVID-19 pandemic and economic uncertainty.

So, how has the pandemic impacted drug costs, and what will 2022 prescription prices look like?

COVID-19 impacts on 2022 prescription costs 

2020 and 2021 both affected the healthcare sphere significantly. New COVID-19 vaccines were introduced and approved quickly by the Food and Drug Administration (FDA), and tests and antiviral pills were also presented to try to combat COVID-19. 

Because these treatments had to be approved quickly, it meant the FDA had to put other concerns on the back burner, and many aspects of normal operations were slowed down and backlogged. Factors such as these can have a big impact on the cost of prescriptions in the U.S. and the health care system.

As Americans struggled with rising drug costs in 2020, 44% said they skipped buying at least one medication they needed. Another 12% said they cut pills in half to save money. Many patients must face a hard decision: Take the drugs they need, even if it forces them to build up more debt.

Drug cost increases happen every year – usually in January and July – but over the last couple of years, the impact of the pandemic on household budgets has left many people struggling to afford everyday expenses. Many people had to drain their savings accounts to afford health care bills as they dealt with those higher out-of-pocket expenses.

Some pharmaceutical companies did raise prices directly because of the pandemic. One report from Patients for Affordable Drugs found that, out of 245 drugs that saw price increases between January 20, 2020, and June 20, 2020, 75% went up directly because of COVID-19. These included drugs that treated the coronavirus, medications used in clinical trials, and others that help manage chronic conditions.

The report states: “As demand for inpatient medicines rose throughout the COVID-19 crisis, so did prices.”

Measures to reform prescription drug pricing

The topic of increasing drug costs was widely discussed in 2021. The Biden administration introduced the Build Back Better bill in November, which includes drug pricing reform to help seniors cover the costs of their prescriptions. The bill would also penalize drug manufacturers for implementing price increases that exceed the rate of inflation. However, the bill’s future remains uncertain as 2022 begins, since it has stalled in the Senate.

In addition, proposals such as the Elijah E. Cummings Lower Drug Costs Now Act, which would result in price caps and other drug pricing reforms, are also at a standstill amid congressional gridlock.

2022 increases in prescription drug costs

Now that 2022 is here and the pandemic is still surging, what will the year look like for drug prices? Some of the biggest brands and most common medications have already seen price hikes in early January, including:

• Pfizer’s breast cancer drug Ibrance: 6.9%
• Prevnar, a vaccine from Pfizer: 6.6%
• Two Pfizer cardiovascular drugs, Vyndamax and Vyndagel: 4.4%
• Trikafta, a cystic fibrosis drug, from Vertex: 4.9%
• HIV drugs Biktarvy and Descovy from Gilead: 5.6%
• Heartburn treatment drug Prilosec from Covis Pharma: 9.9%

According to an AARP study, a typical older American who needs four or five prescriptions will pay total drug costs of $31,000 per year, while the average annual income of Medicare beneficiaries is $29,650.

It’s important to note that patients don’t usually pay the list price of a medication, and these numbers indicate increases to the list price. The net price can be much lower after rebates and discounts. However, the hikes do mean somewhat higher costs for patients and reflect significant upward trends for drug prices this year.

How to save with ModRN Health

As the COVID-19 pandemic continues to fill up hospital beds and impact Americans across the nation, health care costs will continue to be a financial challenge for patients. With the 2022 increases in prescription costs already being felt, affording necessary drugs to manage conditions will still be a pain point for many this year.

ModRN Health makes it easier than ever to save money on prescription drugs. Our price comparison tool is easy and completely free to use, and customers can save up to 80% on prescriptions by viewing the best prices available.

Another benefit of ModRN Health is that our customers can earn Reward Points to redeem for gift cards down the road. You can earn these points for signing up, for referring others to our service, and when you and referrals fill prescriptions. 

In just three easy steps, you can find significant savings on drug costs. After signing up, all you have to do is compare prices in your area, get a voucher, and show it to your pharmacist.

Create an ModRN Health account for free today to get started with big prescription savings.

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