Market Analysis and Price Projections for the Drug NDC: 0591-2884 (Verapamil Hydrochloride)
Introduction
Verapamil Hydrochloride, identified by the National Drug Code (NDC) 0591-2884, is a prescription drug used primarily for the treatment of hypertension, angina, and certain heart rhythm disorders. This article provides a comprehensive market analysis and price projections for this medication, drawing from various sources including regulatory reports, market trends, and pricing transparency data.
Drug Overview
Verapamil Hydrochloride is a calcium channel blocker, available in a delayed-release capsule form. It is manufactured by Teva Pharmaceuticals Inc. and has been on the market since May 29, 1990[1].
Market Trends in Prescription Drug Pricing
The prescription drug market is characterized by significant price fluctuations, influenced by various factors including regulatory policies, market competition, and manufacturing costs.
- Price Increases: Recent reports indicate that generic drugs have experienced substantial price increases. For instance, the median price increase for generic drugs was 19.9% in 2022, with some drugs seeing increases as high as 2,527% over a decade[2].
- Transparency Programs: States like Oregon and Minnesota have implemented drug price transparency programs to monitor and report on price changes. These programs highlight the variability in price increases and the need for better data quality from manufacturers[2][3].
Pricing Dynamics for Verapamil Hydrochloride
Given the generic nature of Verapamil Hydrochloride, its pricing is subject to the dynamics of the generic drug market.
- Current Pricing: As of the latest available data, the pricing for Verapamil Hydrochloride would be influenced by its generic status. The median reported list price for generic drugs after price increases was $842, with half of all price increases ranging between $209 and $2,750[3].
- Historical Price Changes: While specific historical price data for NDC 0591-2884 is not provided, generic drugs in the cardiovascular therapeutic class have seen significant price volatility. For example, the median cumulative price increase over a five-year period for generic drugs can be substantial, often exceeding 30%[3].
Regulatory Impact on Pricing
Regulatory changes and policies can significantly impact drug pricing.
- Medicare Drug Price Negotiation Program: The Inflation Reduction Act introduces a Medicare Drug Price Negotiation Program, which could influence pricing for drugs covered under Medicare. Although Verapamil Hydrochloride is not specifically listed in the initial negotiation cycle, such programs can set precedents for broader price negotiations in the future[5].
- State Transparency Programs: Programs in states like Minnesota and Oregon require manufacturers to report price increases, which can lead to greater transparency and potentially more stable pricing environments[2][3].
Price Projections
Given the current market trends and regulatory environment, here are some key points to consider for price projections:
- Short-Term Projections: In the short term, prices for Verapamil Hydrochloride may continue to reflect the median price increases seen in the generic drug market. This could mean an increase in the range of 10% to 20% over the next year, depending on market conditions and regulatory factors.
- Long-Term Projections: Over the long term, cumulative price increases can be significant. A median cumulative increase of 33.1% over a five-year period is a plausible scenario, although this can vary widely based on specific market and regulatory changes[3].
Key Factors Influencing Price
Several factors will influence the future pricing of Verapamil Hydrochloride:
- Market Competition: The presence of multiple generic manufacturers can drive prices down, but it also depends on the level of competition and market share distribution.
- Regulatory Changes: Future changes in regulatory policies, such as expanded negotiation programs or stricter price transparency requirements, can impact pricing.
- Manufacturing Costs: Changes in raw material costs, production efficiencies, and other manufacturing factors can influence the final price of the drug.
Conclusion
The pricing of Verapamil Hydrochloride, like other generic drugs, is subject to a complex interplay of market forces, regulatory policies, and manufacturing costs. While short-term price increases may be moderate, long-term cumulative increases can be significant. Regulatory transparency programs and negotiation initiatives may help stabilize prices, but the overall trend suggests continued price growth.
Key Takeaways
- Generic Drug Pricing: Verapamil Hydrochloride, as a generic drug, is subject to the broader trends in the generic drug market, including significant price increases.
- Regulatory Impact: State and federal regulatory programs aimed at transparency and price negotiation can influence future pricing.
- Market Dynamics: Competition and manufacturing costs are crucial factors in determining the price trajectory.
- Long-Term Projections: Cumulative price increases over five years can be substantial, reflecting broader market and regulatory trends.
FAQs
Q: What is the current dosage form and strength of Verapamil Hydrochloride with NDC 0591-2884?
A: Verapamil Hydrochloride with NDC 0591-2884 is available in a delayed-release capsule form with a strength of 240 mg[1].
Q: How do state transparency programs affect drug pricing?
A: State transparency programs require manufacturers to report price increases, which can lead to greater transparency and potentially more stable pricing environments[2][3].
Q: What is the impact of the Medicare Drug Price Negotiation Program on generic drugs?
A: While the initial negotiation cycle focuses on brand-name drugs, the program sets a precedent that could influence future negotiations for generic drugs as well[5].
Q: What are the key factors influencing the price of Verapamil Hydrochloride?
A: Market competition, regulatory changes, and manufacturing costs are the key factors influencing the price of Verapamil Hydrochloride.
Q: How significant can cumulative price increases be for generic drugs over a five-year period?
A: Cumulative price increases for generic drugs can be substantial, often exceeding 30% over a five-year period[3].
Sources
- FDA Report: NDC 0591-2884 Oral Capsule, Delayed Release Pellets Verapamil Hydrochloride[1].
- Oregon Prescription Drug Price Transparency Report: Prescription Drug Price Transparency Results and Recommendations[2].
- Minnesota Prescription Drug Price Transparency Report: Minnesota Prescription Drug Price Transparency Results[3].
- FDA National Drug Code Database: Background Information[4].
- CMS Medicare Drug Price Negotiation Program: Fact Sheet on Negotiated Prices[5].
