OBJECTIVES:  A key benefit for companies as members of the voluntary Pharmaceutical Price Regulation Scheme (PPRS) is freedom to launch new branded products at a price of their choice. However, there are increasing restrictions on the price the National Health Service (NHS) is willing to pay. This research reviews drugs launched in the UK in 2014 and 2015 to explore how many were entitled to free pricing, and how many achieved it. METHODS:  Publicly available data on new drug launches during 2014 and 2015 was collated using the UK Medicines Information database. Products were filtered to identify ‘new molecular entities’ (NMEs), entitled to freedom of pricing under the PPRS. Licence extensions, new formulations, generics and biosimilars were excluded. NMEs were checked against NICE technology appraisals, Cancer Drugs Fund (CDF) outcomes and tendering requirements for restrictions impacting price. RESULTS:  In total 35 NMEs were launched in 2014 and 31 in 2015. In 2014, 15 of the 35 were reviewed by NICE, of which 6 were subject to tenders, 6 were recommended with a patient access scheme (in each case a confidential discount), 1 was recommended with a simple discount and 1 was referred to the CDF. Fourteen products launched in 2015 were reviewed by NICE of which 3 were subject to tenders, 4 were recommended with a patient access scheme (confidential discount) and 3 were referred to the CDF for consideration. Of the products considered by the CDF, one was subjected to a negotiated price reduction in 2014. CONCLUSIONS: Not all products that qualify for freedom of pricing are able to achieve it. Whether through tenders, Patient Access Schemes, simple discounts or managed entry agreements, prices are often subject to negotiation, and the headline “free” price is not what the NHS is paying.