Report: Drug Prices Rose 8.7% in July 2022

Every July, drug manufacturers make their biannual adjustments to drug prices and this past month was no exception, as inflation as measured by the Consumer Price Index (CPI) exceeded 9% in June, the highest rate in decades. In July 2022, 64 drug manufacturers increased the average wholesale prices (AWP) of prescription drugs for the second half of the year as 120 individual brand prescription medications rose in price by an average of 8.7%.

“We know drug manufacturers update their prices every July so it’s to be expected that this year was no different, especially in light of historic inflation,” said Ramzi Yacoub, Pharm D., the chief pharmacy officer for SingleCare. “The silver lining for most consumers is that it is unlikely these changes will impact the cost of their prescription at the pharmacy. The majority of these drugs are brand or specialty medications and consumers most commonly fill generics– about 90% of the time – and these drugs are typically far less expensive and with prices that remain relatively flat year over year.”

SingleCare reviewed the drugs that will see the highest dollar increase in July 2022 compared to the previous year based on the average wholesale price (AWP), set by manufacturers. While consumers never pay AWP at the pharmacy  – they will either pay a funded rate through their insurance, or retail cost with the opportunity to get discounted rates through prescription savings services like SingleCare, or manufacturer discounts (copay cards or patient assistance programs) for brand drugs – this represents a baseline cost with potential trickle down cost increases to the consumer as well. 

Top 10 Most Expensive Drug Price Changes in July 2022 

Note, while these drugs have the largest AWP increase, these are generally specialty drugs that are not commonly prescribed and typically see lower consumer utilization.

SingleCare helps people save on their medications. 

According to a June SingleCare survey, 42% of respondents said rising inflation rates have made it more difficult for them to afford their prescription this year. Additionally, the survey also revealed that nearly half (48%) find it more difficult to afford their prescriptions this year compared to last. With historic inflation rates and the rising costs of goods, it’s now more important than ever that consumers know of cost saving alternatives when it comes to their prescription drugs. 

Access and adherence to prescription medications is vital, especially for those who have a chronic condition. SingleCare provides consumers up to 80% off their medications on over 10,000 drugs at 35,000 pharmacies nationwide. It’s always worth checking SingleCare as it’s almost always less expensive than the cash price of the drug if you're paying out of pocket, and it's often cheaper than a co-pay.

Data Methodology

SingleCare’s drug pricing analysis tracks the individual brand drugs that saw an average wholesale price (AWP) change from July 2022 compared to July 2021. This excludes over-the-counter medications and medical devices. SingleCare has updated and reviewed this data as of July 18, 2022. 

Survey Methodology 

SingleCare conducted the prescription affordability survey online through SurveyMonkey on June 29, 2022. This survey includes 1,083 United States residents, adults ages 18+. Age and gender were census-balanced to match the U.S. population in age, gender, and U.S. region.