
In the good ole’ days, every PBM used to release a trend report, which allows us, industry nerds, to understand historical trends and anticipated future trends. Now fewer and fewer PBMs present this information, and if they do, the numbers are skewed to make their performance look fantastic. Because of this, those of us who thrive on data in trend reports, like me, are always seeking better and more independent sources of information. That is why I get really excited when the latest IQVIA “The Use of Medicines in the U.S. 2024” report is released. I think it is one of the best sources of historical and future trend information.
Over the next few weeks, we are going to dig into some of the topics addressed in the report. Those topics will include:
Biosimilar Adoption
The future of diabetes and weight loss drug spending
Oncology treatments
Cell and Gene therapy developments
Before we dig into these topics, we wanted to highlight some of the key trends the report addresses. The report compares 2022 data to 2023.
Utilization increased 3%
Anti-inflammatory and new diabetes medications were the contributor to the increase in utilization
Shockingly, about 100 million prescriptions were provided through illegal online pharmacies
1/3 of all brand medications used a copay assistance program
“More than 92% of prescriptions have a final out-of-pocket cost below $20, and 1%, or 71 million, of prescriptions have costs above $125.”
Net prices increased 9.9%
Increases were driven by oncology, diabetes, obesity and anti-inflammatory
Specialty medications are 54% of total spend
“The difference between list and net prices varies considerably cross therapy areas with diabetes nearing 80%, immunology 55% and oncology 24%.”
These are just some of the points that we found particularly valuable, but I strongly encourage everyone to read the report cover to cover, as there is a lot of great insight in the report. The Expect More 2024 IQVIA Drug Trend series will not only break down the numbers that matter but provide thought provoking discussion. Knowing the issue, impact and questions to consider related to plan design and vendor collaboration could be the difference between a plan staying in the black or seeing red!
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