Drug prices Novartis will increase the price of a number of its drugs by between 5 and 10 percent. Bayer will increase prices for a number of its products by roughly 5 percent. (Photo: Shutterstock)

Major drug manufacturers are set to significantly increase prices for popular medications next year.

An exclusive report by Reuters is based on information obtained as a result of a new law in California that requires pharma companies to notify state agencies of plans to raise the cost of a medication by more than 16 percent over two years.

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