Market Analysis and Price Projections for the Drug NDC: 00713-0682
Understanding the National Drug Code (NDC)
To analyze the market and price projections for a specific drug identified by its NDC, it is crucial to understand what the NDC represents. The National Drug Code (NDC) is a unique, three-segment number assigned to each drug product. It identifies the labeler, the specific product, and the trade package size[1][5].
Identifying the Drug
The NDC 00713-0682 can be broken down as follows:
- Labeler Code: 00713
- Product Code: 0682
- Package Code: This varies based on the configuration (e.g., 4-4-2, 5-3-2, or 5-4-1)[5].
To proceed with the analysis, we need to identify the drug associated with this NDC. However, without specific details on the drug name, we will focus on general trends and factors influencing drug prices and market projections.
Market Trends in the Pharmaceutical Industry
Specialty Pharmaceuticals
Specialty pharmaceuticals, which include drugs for complex or chronic conditions such as cancer, autoimmune diseases, and pulmonary conditions, are a significant driver of drug price inflation. Vizient projects a 3.8% increase in drug prices, largely driven by specialty pharmaceuticals, including weight loss drugs and gene therapies[2].
Biosimilars
Biosimilars, which are biologic products that are highly similar to and have no clinically meaningful differences from an existing FDA-approved reference product, are expected to grow in market share. While they are anticipated to increase in price by only 0.55%, they will play a crucial role in managing pharmacy expenditures, especially as they gain market share against originator products like Humira[2].
Biopharma and Biotech Growth
The biopharma and biotech industries are experiencing rapid growth, driven by technological advancements, evolving regulatory frameworks, and a shift towards patient-centered care. The biopharma market is projected to grow at a CAGR of 7.56% between 2024 and 2029, while the biotech sector is expected to grow at a CAGR of 9.4% between 2021 and 2027[3].
Price Projections
General Trends
- Specialty Drugs: These drugs are expected to see a price increase of 4.18% in 2024, driven by their high cost and increasing utilization[2].
- Biosimilars: While biosimilars are expected to increase in price by only 0.55%, they will help in reducing the overall cost burden by providing cheaper alternatives to originator biologics[2].
Specific Market Segments
- Non-Small Cell Lung Cancer (NSCLC) Market: In the NSCLC market, drugs like Tagrisso, Keytruda, Opdivo, and Tecentriq are projected to achieve blockbuster status by 2025. Tagrisso, for example, is expected to achieve $1.7 billion in sales by 2025, with a CAGR of 56.6% over the forecast period[4].
Factors Influencing Drug Prices
Regulatory Landscape
The regulatory landscape is evolving to keep pace with innovation. This includes accelerated clinical trial designs and a focus on precision medicine, which can impact the speed and cost of drug development[3].
Patent Expirations
Patent expirations of blockbuster drugs can significantly impact market dynamics. For instance, the patent expiration of drugs like Tarceva and Alimta will lead to a decrease in their sales and an increase in generic sales, affecting overall market growth[4].
Technological Advancements
Technological advancements, including AI and machine learning, are reshaping drug development and clinical trials. These innovations can lead to more efficient and cost-effective drug development processes[3].
Key Takeaways
- Specialty Pharmaceuticals: These are driving drug price inflation and will continue to be a significant factor in market projections.
- Biosimilars: Expected to grow in market share and help manage pharmacy expenditures.
- Biopharma and Biotech Growth: Rapid growth driven by technological advancements and evolving regulatory frameworks.
- Specific Market Segments: Drugs in the NSCLC market, such as Tagrisso and Keytruda, are projected to achieve significant sales by 2025.
- Regulatory and Technological Factors: Evolving regulatory landscapes and technological advancements will continue to shape the pharmaceutical industry.
FAQs
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What is the National Drug Code (NDC)?
- The NDC is a unique, three-segment number that identifies the labeler, product, and trade package size of a drug product[1][5].
-
How are drug prices projected to change in 2024?
- Drug prices are projected to increase by 3.8%, driven largely by specialty pharmaceuticals[2].
-
What role will biosimilars play in the pharmaceutical market?
- Biosimilars are expected to grow in market share and help reduce the cost burden by providing cheaper alternatives to originator biologics[2].
-
How is the biopharma market expected to grow?
- The biopharma market is projected to grow at a CAGR of 7.56% between 2024 and 2029[3].
-
What are the key drivers of the NSCLC market growth?
- The NSCLC market growth is driven by the increasing incorporation of premium-priced immune checkpoint inhibitor immunotherapies and targeted therapies like Tagrisso[4].
Sources
- FDA's National Drug Code Directory - FDA
- Vizient Projects 3.8% Drug Price Increase Driven by Specialty Pharmaceuticals - Vizient, Inc.
- 5 Predictions for the Biopharma and Biotech Industries in 2025 - TFS CRO
- NSCLC MARKET - Global Drug Forecast & Market Analysis to 2025 - Drug Development
- National Drug Code Database Background Information - FDA