IQVIA: U.S. Drug Prices Rose Only Slightly in 2018
While high drug prices continue to come under fire by the government, healthcare professionals, consumers, and payers, a new report says net drug prices in the United States increased only an estimated 1.5% in 2018.
“Net price growth was below inflation in the wider economy in 2018, an occurrence expected to continue for the next five years,” says a report from IQVIA Institute for Human Data Science, formerly the IMS Institute. The report is titled “The Global Use of Medicine in 2019 and Outlook to 2023: Forecasts and Areas to Watch.”
U.S. drug prices are projected to rise between 0% and 3% over the next five years, IQVIA says.
Meanwhile, global drug spending reached $1.2 trillion in 2018, and is expected to top $1.5 trillion by 2023, up 50% from 2016, according to IQVIA. The United States and emerging markets will account for the majority of the drug spending increases in the next five years.
The number of new medicines launched is expected to increase from an annual average of 46 during the past five years to an average of 54 per year through 2023. The annual average spending in developed markets on new brands is expected to rise slightly to $45.8 billion in that time but will represent a smaller share of brand spending, IQVIA says.
The IQVIA report also noted that mobile apps, also called prescription digital therapeutics (DTx) are a new emerging treatment modality with indications and disease-specific treatment effectiveness claims in their prescribing labels. “Stakeholders are cautiously observing developments in DTx as this new modality could bring significant benefits but must be carefully weighed against the evidence for existing options. Where drug therapy alone has left unmet needs, particularly in the areas of behavioral health and cognition, these new technologies promise substantial advances,” the report says.