Despite striking voluntary deals with the Trump administration aimed at lowering consumer costs, all 16 major pharmaceutical companies involved immediately rolled out price hikes this January. This is a truly awful look for the administration’s negotiation strategy, especially considering the deals were announced with major fanfare starting back in September. The trend of price hikes typically hits in January, but these specific increases make the administration’s “most favored nation” agreements look utterly ineffective. According to a new analysis by 46brooklyn, a nonprofit that tracks prescription drug list prices, drug companies raised the prices on 872 brand-name drugs in just the first two weeks of 2026. The median increase came in at 4%, which, shockingly, is exactly the same increase we saw last year, suggesting the deals had no practical effect on the market overall. These list prices aren’t just abstract numbers, either. They are the crucial starting point for negotiations with insurers and the pharmacy benefit managers, meaning they directly influence what patients pay out of pocket at the pharmacy counter. The list of affected drugs includes critical medicines used to treat cancer, heart failure, Type 2 diabetes, and even some COVID shots, which saw their prices jump up, according to NPR. The art of the deal just means pretending you made deals Antonio Ciaccia, CEO of 46brooklyn, summed up the situation perfectly, saying, “The real truth serum is what’s happening in the marketplace after those deals occur.” He noted that January is “prime time” for these price changes, and the current situation is “pretty much in line with the last few years,” which really drives home how little these celebrated deals actually changed the landscape. When asked about the widespread increases and whether they violate the terms of the deals, the White House largely shrugged them off. White House spokesperson Kush Desai claimed that list prices aren’t important. He insisted that the specific discounts addressed in the agreements are still coming to state Medicaid programs and to patients who choose to pay cash for some of their prescriptions. Drug prices are climbing on hundreds of medicines even as Trump claims he’s bringing prices down. Pfizer is planning the largest number of hikes, around 80 medicines. Another case of Trump’s “don’t believe your lying eyes.” (Reuters) pic.twitter.com/qhlDeQOUqT— Hoodlum (@NotHoodlum) January 2, 2026 Following this, the White House announced they were asking Congress to pass legislation supporting their Great Healthcare Plan. Dr. Mehmet Oz, who leads the Centers for Medicare & Medicaid Services, claimed the legislation would “codify” what was already in the individually negotiated deals. However, the details of these agreements remain completely confidential, which is a huge red flag for transparency. What we do know about the deals doesn’t sound promising for the average American. Health policy researcher Dr. Ben Rome noted that officials mentioned commitments for Medicaid discounts, but that’s something the program already receives. The deals also included pledges for future drugs to be launched at the same price in other wealthy countries as they are in the U.S., which is great, but that doesn’t help consumers with existing medications. The administration also touted a new website, TrumpRx.gov, where some drugs will be available at a discount for cash-paying customers, primarily those who are uninsured. Dr. Rome isn’t convinced these efforts move the needle for most people. He believes, “Those deals probably are not very important in terms of manufacturer drug pricing and the prices paid by most Americans for prescription drugs.” Pfizer, the first company to strike a deal with President Trump back in September, is a perfect example of this failure. The company raised the prices of 72 different products this January, including a shocking 15% increase on the price of its COVID shot. New York-based Pfizer defended its actions, claiming the increases were “modest” and necessary to invest in new medicines. Merck, another company that made a deal with the administration, also raised prices on 18 products, including medications for HIV and insomnia. Merck spokesperson Julie Cunningham stated that the “exact terms” of their agreement are “confidential,” but insisted the company is working toward “fairer global pricing.” Interestingly, while the Trump administration’s deals fell flat, a separate initiative seems to be delivering real results. There were 18 significant price cuts in the first few days of the year, including four drugs that were part of the previous Medicare drug price negotiation initiative launched under the Inflation Reduction Act. These negotiations led to massive commercial price drops, such as a 75% cut for the insulin product Fiasp. Other drugs used for diabetes and heart failure, like Farxiga and Jardiance, saw price drops between 37% and 44%.