587 Brands Take Average 5.48% Price Increase Through January 14
FAYETTEVILLE, NY, UNITED STATES, January 19, 2023 /EINPresswire.com/ — Week two of the new year shows continued action by drug manufacturers as an additional 24 single-source* brands have seen a manufacturer reported drug price increase bringing the total number of brands with price increases to 587 for 2023. With these additional brands, the average price increase now stands at 5.48% versus 527 brands in 2022 averaging 5.11%. To provide context for these drug price increases, inflation for 2022 was 6.5% and 7.0% for 2021.
Sixteen brands have taken increases of at least 10% this year, with three brands at or above 15%, which include Omnipaque [GE Healthcare], used before X-ray imaging tests to add contrast at 26.76%, Cystaran [Leadiant Biosciences], used to treat eye issues in people with cystinosis at 20.60%, and Elcys [Exela Pharma], used as a protein supplement as part of intravenous solutions, at 15.00%.
Notable brands taking increases this year include Humira [AbbVie], used to treat many different autoimmune conditions, at 8.00%, Siliq [Bausch Health], used for treatment of plaque psoriasis at 9.90%, and Skyrizi [Abbvie] – used for the treatment of moderate to severe plaque psoriasis in adults, at 8.00%.
Overall, price increases ranged from a low of 1.00% for Adakveo [Novartis], used to reduce how often painful crises happen with people 16 years and older who have sickle cell disease, Celontin [Pfizer], used to prevent and control a certain type of seizure, and Synarel [Pfizer], used in women to treat endometriosis to a high of 26.76% for Omnipaque.
When grouping brands into their respective therapeutic class, Thyroid Therapy had the highest percent increase at 10.00%, followed by Otic Preparations and Antimalarials at 9.90% each. See table for a complete list of therapeutic classes with price increases.
It’s not out of the ordinary for drug manufacturers to delay raising prices until later in January. DMD America will provide weekly updates through the end of the month.
Please note that these price changes affect list prices, or Wholesale Acquisition Cost* (WAC), that are set by the drug manufacturers without taking into account rebates, insurance, and other discounts that may be available.
Source
AnalySource® as of Jan 17, 2023 – Reprinted with permission by First Databank, Inc. All rights reserved. ©2023
* As determined by the Centers for Medicare and Medicaid Services
** First Databank, Inc Drug Pricing Policy: https://www.fdbhealth.com/drug-pricing-policy
About DMD America, Inc
AnalySource® is a registered trademark and drug pricing data solution service of DMD America, Inc. Since 1996, data has been made available in cooperation with First Databank, Inc. a subsidiary of the Hearst Corporation. Our service is licensed by subscription, with global clients including biotech, pharmaceuticals, government agencies, consultancies, academia, and more.
About First Databank (FDB)
First Databank (FDB) is the leading provider of drug and medical device knowledge that helps healthcare professionals make precise decisions. We empower our information system developer partners to deliver valuable, useful, and differentiated solutions used by millions of clinicians, business associates, and patients every day. For more than four decades, our medical knowledge has helped improve patient safety, operational efficiency, and healthcare outcomes. For a complete look at our solutions and services, please visit www.fdbhealth.com.
Eric Tedford
DMD America, Inc
+1 315-469-3415
email us here