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BOSTON, October 23, 2025 – The Institute for Clinical and Economic Review (ICER) today released its new “Launch Price and Access Report,” finding that drug launch prices continue to rise at a rate that exceeds inflation, gross domestic product (GDP) growth, and overall healthcare costs.
ICER’s analysis focused on “net price,” or the actual price paid after rebates and discounts, offering crucial information to policymakers, given that most previous analyses of drug pricing trends focus on the publicly available “list price,” which does not always reflect the actual price paid.
The report, using net prices, found that the inflation-adjusted median annual launch price of drugs increased by 51% from 2022 to 2024, while the annual list price increased 24% during the same period. Even after accounting for the differences in the mix of drugs approved each year (by holding certain characteristics constant, like the number of gene therapies approved), the annual net launch price increased by 33% per year.
ICER also conducted an in-depth review of the 23 drugs in scope that had been previously reviewed by ICER. The analysis indicated that aligning the prices of these therapies with ICER’s Health Benefit Price Benchmark (HBPB) could have saved approximately $1.3 to $1.5 billion in the first year post-approval alone – savings that could have been redirected to higher-value drugs and services.
To evaluate the patient access barriers to newly launched drugs, ICER focused on the novel drugs approved in 2024. For the majority of these drugs, insurance coverage policies were not publicly available, even up to one year after approval, and the majority of commercial first-time prescriptions for newly approved drugs were rejected. Non-coverage of the drug was the most common reason for rejection.
“The results of ICER’s independent analysis on trends in launch pricing and patient access highlight the critical moment facing the U.S. health care system,” stated ICER’s President and CEO Sarah K. Emond, MPP. “Launch prices are going up, patient access is going down, and in many cases, we are overpaying for treatments. As Americans confront rising health insurance premiums and risk losing health insurance altogether, it has never been more critical to move towards a system that pays for value. When we price treatments based on the benefits they deliver to patients, we ensure Americans have access to affordable, high-quality treatments, all while continuing to reward the hallmark innovation of the U.S. pharmaceutical industry.”
Downloads: Final Report | Report One-Pager | Research Protocol
Methodology and Partners
ICER followed the protocol it announced in May 2025 to create this report.
ICER’s data partners included IPD Analytics, IQVIA, and Tufts Medical Center Specialty Drug Evidence and Coverage (SPEC) Database. ICER also collaborated with the National Health Council to conduct facilitated group discussions with patient groups.
Public Webinar
ICER will host a public webinar at 12:00 PM EDT on October 27, 2025 to discuss rising launch prices, and the implications for affordability and patient access. Key takeaways from ICER’s inaugural Launch Price and Access report will be presented by Foluso Agboola, SVP of Research at ICER, to set the stage for a panel discussion moderated by Sarah Emond, President and CEO of ICER, highlighting opportunities for addressing launch prices and enhancing patient affordability and access to new therapies. Panelists include:
- Antonio Ciaccia, President, 3 Axis Advisors; CEO 46brooklyn Research,
- Cora Opshal, MBA, Fund Director, 32BJ Health Fund, and
- Brian Reid, Editor, Cost Curve.
Register here for the webinar.
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