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Drug Price Trends for NDC 83324-0305
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Average Pharmacy Cost for 83324-0305
| Drug Name | NDC | Price/Unit ($) | Unit | Date |
|---|---|---|---|---|
| QC ALCOHOL 70% PREP PADS | 83324-0305-01 | 0.01274 | EACH | 2024-12-18 |
| QC ALCOHOL 70% PREP PADS | 83324-0305-01 | 0.01274 | EACH | 2024-12-11 |
| >Drug Name | >NDC | >Price/Unit ($) | >Unit | >Date |
Best Wholesale Price for NDC 83324-0305
| Drug Name | Vendor | NDC | Count | Price ($) | Price/Unit ($) | Dates | Price Type |
|---|---|---|---|---|---|---|---|
| >Drug Name | >Vendor | >NDC | >Count | >Price ($) | >Price/Unit ($) | >Dates | >Price Type |
83324-0305 Market Analysis and Financial Projection
Market Analysis and Price Projections for Drug NDC: 83324-0305
Understanding the NDC Directory
To analyze the market and price projections for a specific drug identified by its National Drug Code (NDC), it is essential to understand the FDA's NDC Directory. This comprehensive database contains information about finished drug products, unfinished drugs, and compounded drug products. Each drug is identified by a unique three-segment NDC number, which serves as the FDA’s identifier for drugs[1][4].
Identifying the Drug
The NDC 83324-0305 corresponds to a specific drug product. To find detailed information about this drug, one would need to search the FDA's NDC Directory. This directory provides data on the drug's labeler, product name, active ingredients, dosage form, and other relevant details.
Market Trends and Price Inflation
Overall Drug Price Inflation
Recent projections indicate that drug price inflation is expected to rise. According to Vizient's Pharmacy Market Outlook, the overall drug price inflation rate is projected to be around 3.81% for the period from January 1, 2025, to December 31, 2025. This increase is largely driven by specialty pharmaceuticals, which include high-cost, complex, or chronic condition treatments[1][5].
Specialty Pharmaceuticals
Specialty pharmaceuticals, which are likely to include the drug identified by NDC 83324-0305 if it falls into this category, are expected to see a higher price increase of 4.18%. These drugs treat conditions such as cancer, infectious diseases, autoimmune diseases, and pulmonary conditions. The increasing utilization of these drugs and the anticipated expansion of gene therapies contribute significantly to the projected price increase[1][5].
Specific Drug Price Projections
Generic vs. Brand Name Drugs
While the overall trend shows a 3.81% increase, the price dynamics can vary significantly between generic and brand name drugs. For instance, the median price increase for generic drugs can be substantial, with some examples showing extreme increases. However, brand name drugs, particularly those in the specialty category, tend to have more predictable but still significant price increases[1][3].
Biosimilars Impact
Biosimilars, which are biologic products that are highly similar to an already-approved biologic product, are expected to grow in market share. If the drug associated with NDC 83324-0305 has a biosimilar counterpart, the biosimilar could potentially reduce the price pressure on the original drug. However, this effect may be gradual as biosimilars gain market share[1].
Consumer and Healthcare Provider Impact
Cost to Consumers
The price of a prescription drug is influenced by numerous factors, including interactions and financial negotiations between pharmaceutical supply chain entities. Consumers face the brunt of these price increases, which can be exacerbated by factors such as rebates, discounts, and other cost elements that are not always transparent[1].
Healthcare Provider Challenges
Healthcare providers, particularly hospitals, face significant challenges in managing pharmacy expenditures due to rising drug costs and drug shortages. The projected price increases for specialty pharmaceuticals will further strain their budgets, emphasizing the need for robust supply chain management and cost containment strategies[1][5].
Current Challenges with NDC Numbers
The FDA is currently facing a significant challenge as it is running out of the current 5-digit labeler codes, which provide only 90,000 unique codes. This shortage is expected to be resolved by transitioning to a new NDC format that accommodates longer numbers, a change anticipated to occur within the next 10 to 15 years. This transition will impact nearly every system in the healthcare sector and will require extensive updates and recoding of systems[2][4].
Impact of New Therapies
The pharmaceutical market is witnessing a surge in innovative therapies, particularly in the areas of gene therapy and biopharmaceuticals. Gene therapies, with over 280 therapies in various stages of development, are expected to transform healthcare by potentially preventing or curing chronic diseases. However, these therapies come with significant costs, such as the recent approval of a $4.25 million gene therapy for a rare neurological disorder, which underscores the need for sustainable financial models in healthcare[5].
Specific Implications for NDC 83324-0305
Pricing and Inflation
Given the overall drug price inflation rate of 3.81% for 2025, it is likely that the price of the drug associated with NDC 83324-0305 will also increase. This inflation rate is driven by broader market trends, including the increased spend on medications like semaglutide and the introduction of high-cost therapies[1][5].
Regulatory Changes
The impending change in the NDC format due to the shortage of labeler codes will require significant updates to systems that manage and track drugs, including those associated with NDC 83324-0305. This transition will be complex and time-consuming, affecting every aspect of the pharmaceutical supply chain[2][4].
Market Competition and Innovation
The drug associated with NDC 83324-0305 will operate within a market that is increasingly competitive and innovative. The rise of biopharmaceuticals and gene therapies will continue to drive innovation, potentially impacting the market position and pricing of existing drugs.
Strategic Considerations for Stakeholders
Preparing for NDC Format Changes
Stakeholders, including manufacturers, distributors, and pharmacies, need to prepare for the transition to the new NDC format. This involves updating systems, training personnel, and ensuring compliance with the new regulatory requirements[2][4].
Managing Price Inflation
To manage the impact of price inflation, healthcare providers and payers should closely monitor market trends and adjust their budgets accordingly. This may involve negotiating better prices with manufacturers or exploring alternative therapies[1][5].
Embracing Innovation
The pharmaceutical industry's shift towards innovative therapies presents both opportunities and challenges. Stakeholders should stay informed about emerging trends and technologies to remain competitive and to provide the best possible care to patients.
Key Takeaways
- NDC Directory: The FDA's NDC Directory is a critical resource for identifying and tracking drug products, including their pricing and market information.
- Price Inflation: Overall drug price inflation is projected to be around 3.81%, driven largely by specialty pharmaceuticals.
- Specialty Pharmaceuticals: These drugs are expected to see a higher price increase of 4.18%, impacting the budget of healthcare providers and the cost to consumers.
- NDC Format Changes: The FDA's transition to a new NDC format will significantly impact the pharmaceutical industry, requiring extensive system updates and compliance efforts.
- Innovative Therapies: The rise of biopharmaceuticals and gene therapies will continue to drive innovation and potentially alter market dynamics.
FAQs
What is the NDC Directory and how is it used?
- The NDC Directory is a database maintained by the FDA that contains information about finished drug products, unfinished drugs, and compounded drug products. It is used to identify and track drugs using their unique NDC numbers[1].
What drives the projected 3.81% drug price inflation?
- The projected 3.81% drug price inflation is driven primarily by specialty pharmaceuticals, including the increasing utilization of high-cost treatments and the anticipated expansion of gene therapies[1][5].
How do biosimilars impact drug prices?
- Biosimilars can reduce the price pressure on original biologic products as they gain market share. However, this effect is gradual and depends on the specific drug and its biosimilar counterpart[1].
What are the key factors influencing prescription drug prices?
- Prescription drug prices are influenced by interactions and financial negotiations between pharmaceutical supply chain entities, including manufacturers, pharmacy benefit managers (PBMs), and health insurers[1].
What is the impact of the NDC format change on the pharmaceutical industry?
- The transition to a new NDC format will require significant updates to systems, training personnel, and ensuring compliance with new regulatory requirements, affecting nearly every system in the healthcare sector[2][4].
Sources
- DrugPatentWatch: "Market Analysis and Price Projections for Drug NDC: 83324-0113"
- Wolters Kluwer: "Are You Prepared for a Major Industry Change to the National Drug Code (NDC) Number?"
- DrugPatentWatch: "Latest drug prices and trends for NDC 00378-2245"
- DrugPatentWatch: "Market Analysis and Price Projections for the Pharmaceutical Industry: Implications for NDC 83324-0015"
- Vizient Inc.: "Pharmacy Market Outlook Summer 2024"
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