490 price reductions in January Category M adjustment

There are 10 additions and six deletions in the January (Q4) adjustment to Category M, taking effect from January 1, 2026.

In summary, there are now 614 lines in Category M. In this adjustment:

490 items are reduced in price, 16 by more than 40 per cent
189 prices are increased in price, 18 by more than 40 per cent

According to NHS BSA, changes to Category M reimbursement prices in January 2026 reflect:

Adjustments for underlying market price movements during the quarter July -September 2025;
The latest results from the quarterly Medicines Margin Survey which indicate a total cumulative over delivery of £158m at the end of June 2025.

As a result, the medicine margin adjustment applied to January 2026 is a reduction of £16.8 million per quarter. This will be applied across Categories M and A (approximately half of the total from Category A and half from Category M).

DDA members can view the detail of the Category M adjustment, and a fully updated spreadsheet of prices with history and sorted by price change and percentage price change, in the library of Category M updates.

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