U.S. Brand-Name Drug Prices Fell in 2025 as the Net Pricing Drug Channel Emerges

It's time for Drug Channels’ annual examination of U.S. brand-name drug pricing.

For 2025, brand-name drugs’ average list prices grew by only 3.5%, but net prices declined. When manufacturers’ rebates and discounts are factored in, drugs’ average net prices—both before and after inflation—fell. Details and additional commentary below.

As I have been predicting, the gross-to-net bubble is deflating due to the combined impacts of government actions and consumer behavior.

For 2024 and 2025, manufacturers reduced the wholesale acquisition cost (WAC) list prices for more than 20 brand-name drugs. For 2026, manufacturers will cut prices on at least 15 more drugs, which will reduce gross brand-name revenues by $35 to $40 billion. List prices are dropping by –25% to –85%.

The data leave no doubt: the bubble is finally leaking air. We are entering the Net Pricing Drug Channel (#NPDC)—a market environment in which net prices, not list prices, drive access, economics, and strategy.

The NPDC will reward simplicity, punish rebate dependence, and force every channel participant to rethink how money actually moves. Time to get ready.

Drug Channels Leadership Forum 2026: Request an Invitation Before It’s Too Late!

The 2026 Drug Channels Leadership Forum (DCLF) is coming soon! Our second annual event will take place March 16–18, 2026, at the Turnberry Resort & Spa in Miami.

Once again, Drug Channels Institute (DCI) is proud to host this invite-only gathering of senior leaders across the drug channel ecosystem. You must request an invitation to be considered for attendance. Our final wave of invitations will begin in mid-January.

Request An Invitation

The 2026 program features in-depth fireside chats with me, along with dynamic panel discussions led by an exceptional group of executives and subject matter experts. View the full 2026 Drug Channels Leadership Forum agenda.

• Meet the Speakers

• Who Should Attend

• What to Expect

• Get Started

MEET THE SPEAKERS

Our 2026 speaker lineup brings together a diverse group of C-suite executives, policymakers, and industry thought leaders—ensuring every session delivers candid, high-value insights you won’t hear anywhere else.

WHO SHOULD ATTEND

DCLF is a strategic, invite-only gathering for leaders from across the healthcare and pharmaceutical landscape, including:

• Pharmaceutical manufacturers
• PBMs, health plans, employers, and plan sponsors
• Health systems and physician practices
• Pharmacies and wholesalers
• Policymakers

Click here to watch highlights from our 2025 event and hear testimonials directly from participants.

To maintain the event’s strategic focus, attendance from industry suppliers (e.g., technology, consulting, financial services, etc.) is available only through sponsorship. Each sponsorship level includes a limited number of attendee badges, ensuring a highly curated and balanced group of participants.

WHAT TO EXPECT

Expect another year of bold, candid discussions—this is not a conference of scripted presentations. We’ve enhanced the 2026 agenda with new formats and even more opportunities for direct, high-impact exchanges among attendees.

At DCLF, there are no exhibit halls, no press, no recordings, and no distractions—just substance and strategy.

You can expect:

• Provocative panels with C-suite executives
• Off-the-record insights and open Q&A sessions
• Meaningful peer-to-peer dialogue in an intimate setting

If you want to be in the room where it happens, there’s no substitute for being there in person.

GET STARTED

Be part of the conversation! Join us at DCLF 2026

Our final wave of invitations will begin in mid-January. You must request an invitation to be considered for attendance.

Have questions? Please contact us.

We look forward to welcoming you to Miami in March 2026.