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Spending on medicines grew less than one percent in 2017

Holly Campbell   |     April 19, 2018   |   SHARE THIS

Last year, a record number of new treatments and cures that are transforming care for patients fighting debilitating diseases like cancer, hepatitis C, high cholesterol and more were approved by the U.S. Food and Drug Administration. In the midst of all this incredible progress, spending on medicines grew just 0.6 percent in 2017, according to the new IQVIA Institute for Human Data Science “2017 Medicine Use and Spending in the U.S.” report.

This report is further evidence we don’t have to choose between innovation and affordability.  

Here are four things you should know about the “2017 Medicine Use and Spending in the U.S.” report:

  • Spending on retail and physician-administered medicines grew just 0.6 percent in 2017.
  • Prices for brand-name medicines increased just 1.9 percent after accounting for negotiated discounts and rebates, below the rate of inflation.
  • Medicine spending is projected to grow just two to five percent annually between 2018 to 2022.
  • Entry of generics and biosimilars are expected to decrease brand sales by $105 billion between 2018 and 2022.

Learn more at LetsTalkAboutCost.org.

Holly Campbell

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: Biologics and Biosimilars, cancer, drug cost, FDA, Hepatitis C, high cholesterol

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