Last year, the U.S. Food and Drug Administration approved a record of 59 novel new medicines. During this incredible era of innovation, medicine prices grew just 1.5 percent in 2018, after factoring in negotiated rebates and discounts, according to a new report from the IQVIA Institute for Human Data Science, “The Global Use of Medicine in 2019 and Outlook to 2023.”
Key findings from the new IQVIA report include:
- In the United States, net prices for medicines grew just 1.5 percent in 2018, less than the rate of inflation.
- Over the next five years, net prices for medicines in the United States are expected to grow 0 to 3 percent annually.
- Biosimilar competition in the biologics market will be nearly three times larger in 2023 than it is today.
- Entry of generics and biosimilars are expected to decrease brand sales by $121 billion between 2019 and 2023, and 80 percent of that decrease is expected to take place in the United States.
Learn more at LetsTalkAboutCost.org.
Holly Campbell Holly Campbell is a deputy vice president of public affairs at PhRMA focusing on the cost and value of medicines. Prior to joining PhRMA, Holly worked for large and small public relations firms where she provided strategic communications counsel, media relations and partnership expertise to health care and pharmaceutical clients. In her free time, she enjoys taking barre classes, trying new restaurants and spending time with Boss and Poppy, her rescue pups.
Topics: Let's Talk About Cost