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Drug Price Trends for NDC 16714-0798
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Average Pharmacy Cost for 16714-0798
| Drug Name | NDC | Price/Unit ($) | Unit | Date |
|---|---|---|---|---|
| SUMATRIPTAN SUCC 100 MG TABLET | 16714-0798-01 | 0.41351 | EACH | 2024-12-18 |
| SUMATRIPTAN SUCC 100 MG TABLET | 16714-0798-01 | 0.37205 | EACH | 2024-11-20 |
| SUMATRIPTAN SUCC 100 MG TABLET | 16714-0798-01 | 0.48521 | EACH | 2024-10-23 |
| >Drug Name | >NDC | >Price/Unit ($) | >Unit | >Date |
Best Wholesale Price for NDC 16714-0798
| Drug Name | Vendor | NDC | Count | Price ($) | Price/Unit ($) | Dates | Price Type |
|---|---|---|---|---|---|---|---|
| >Drug Name | >Vendor | >NDC | >Count | >Price ($) | >Price/Unit ($) | >Dates | >Price Type |
16714-0798 Market Analysis and Financial Projection
Market Analysis and Price Projections for the Drug NDC: 16714-0798
Introduction
The pharmaceutical market is a complex and dynamic sector, influenced by a myriad of factors including regulatory changes, technological advancements, and market demand. This article focuses on the market analysis and price projections for a specific drug identified by the National Drug Code (NDC) 16714-0798. While the specific drug associated with this NDC is not detailed here, we can infer key trends and projections based on similar generic drugs and the broader pharmaceutical market.
Market Trends in the Pharmaceutical Sector
The pharmaceutical industry, particularly the biopharma and biotech sectors, is experiencing significant growth. This growth is driven by technological advancements, evolving regulatory frameworks, and a shift towards patient-centered care. The biopharma market is projected to grow at a compound annual growth rate (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[1].
Price Transparency and Regulatory Oversight
Price transparency is a critical issue in the pharmaceutical market. Regulatory bodies have implemented drug price transparency programs to monitor and report price increases and new high-cost drugs. For example, Oregon's drug price transparency program requires manufacturers to report price changes and provide detailed information on the reasons behind these changes. However, the quality of information submitted can be variable, and there are ongoing efforts to improve transparency and compliance[2].
Generic Drug Pricing Dynamics
Generic drugs, such as those identified by NDCs like 16714-0798, generally have more stable pricing compared to brand-name drugs. This stability is due to the competitive nature of the generic drug market, where multiple manufacturers often compete to offer the lowest price.
Historical Pricing
Historically, generic drugs have seen significant price volatility, although less so than brand-name drugs. For instance, a generic version of naproxen experienced a 2,527% price increase between 2012 and 2021, highlighting the potential for dramatic price changes in the generic drug market. However, such extreme cases are rare[2].
Current Market Dynamics
The current market for generic drugs is characterized by multiple manufacturers, which typically leads to competitive pricing. The median price increase for generic drugs has been around 19.9%, although this can vary widely depending on the specific drug and market conditions[2].
Future Projections
While specific price projections for NDC 16714-0798 are not readily available, the overall trend for generic drugs suggests that prices may remain relatively stable or see moderate increases. Factors such as changes in raw material costs, manufacturing efficiencies, and market competition will influence these projections.
Impact of Regulatory Changes
Regulatory changes can significantly influence drug pricing. For example, the implementation of upper payment limits for certain drugs, as proposed in some states, could cap the maximum price that can be charged for a drug, potentially affecting the pricing strategy for generic medications like those identified by NDC 16714-0798[1].
Market Competition and Generics
The presence of multiple generic manufacturers ensures a competitive market, which generally keeps prices in check. As patents expire for brand-name drugs, the entry of generic versions can lead to a decrease in overall market prices. This competition is a key factor in maintaining stable prices for generic drugs[1].
Role of Technology and AI in Pharmaceutical Market
The pharmaceutical industry is increasingly adopting advanced technologies such as artificial intelligence (AI) and health tech. AI is expected to play a significant role in standard operations in clinical development, data science, and decision-making processes. For instance, AI can help in drug discovery, clinical trial design, and real-time patient monitoring, which could indirectly influence the market dynamics for existing drugs by altering treatment algorithms and patient preferences[3].
Unmet Needs and Future Innovations
The pharmaceutical market is continually evolving with new innovations and therapeutic approaches. While generic drugs like those associated with NDC 16714-0798 address specific needs, future innovations in precision medicine and immunotherapies are expected to reshape the broader pharmaceutical landscape. These advancements could influence the market dynamics for existing drugs by changing treatment preferences and algorithms[1].
Specialty Pharmaceuticals and Biosimilars
Specialty pharmaceuticals, which treat high-cost, complex, or chronic conditions, are a significant segment of the market. These drugs are expected to drive a 3.8% increase in drug price inflation, with biosimilars playing an increasingly important role in reducing costs. Biosimilars, which are biologic products that are highly similar to an FDA-approved biologic product, are expected to gain market share, potentially affecting the pricing of related generic drugs[4].
Real-World Examples and Statistics
- Price Volatility: The median price increase reported for generic drugs was 19.9%, with the largest increase being a 2,527% rise for a generic version of naproxen[2].
- Market Growth: The biopharma market is projected to grow at a CAGR of 7.56% between 2024 and 2029[1].
- AI Adoption: The adoption of AI in standard operations in clinical development is expected to double in 2025, with more pharmaceutical companies turning to reliable external data to train internal data science models[3].
Conclusion
The market analysis for a drug identified by NDC 16714-0798 indicates a relatively stable pricing environment due to its likely generic status and the competitive nature of the generic drug market. However, the pharmaceutical sector is subject to various influences, including regulatory changes, technological advancements, and market demand fluctuations.
Key Takeaways
- NDC and Regulatory Oversight: The FDA's NDC Directory plays a crucial role in tracking and managing drug products, ensuring compliance and transparency.
- Market Trends: The biopharma and biotech sectors are experiencing significant growth driven by technological advancements and evolving regulatory frameworks.
- Price Transparency: Regulatory programs aim to improve price transparency, but challenges in data quality and compliance persist.
- Pricing Stability: Generic drugs tend to have more stable pricing compared to brand-name drugs.
- Regulatory Impact: Proposed regulatory changes, such as upper payment limits, could affect pricing strategies for generic medications.
- Market Competition: Multiple generic manufacturers ensure a competitive market, keeping prices in check.
- Technological Advancements: AI and health tech are increasingly important in the pharmaceutical industry, influencing drug development and market dynamics.
FAQs
Q: What is the National Drug Code (NDC) and how does it impact drug pricing? A: The NDC is a unique identifier assigned to each drug product, helping in tracking and managing drug products. It ensures compliance and transparency but does not directly impact pricing.
Q: How does market competition affect the pricing of generic drugs? A: Market competition from multiple generic manufacturers generally keeps prices in check, leading to stable or moderately increasing prices.
Q: What role does AI play in the pharmaceutical market? A: AI is increasingly used in clinical development, data science, and decision-making processes, potentially influencing market dynamics by altering treatment algorithms and patient preferences.
Q: How do regulatory changes impact drug pricing? A: Regulatory changes, such as the implementation of upper payment limits, can cap the maximum price that can be charged for a drug, affecting pricing strategies for generic medications.
Q: What is the projected growth rate for the biopharma and biotech sectors? A: 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[1].
Sources
- DrugPatentWatch, "Market Analysis and Financial Projection for the Drug NDC: 16714-0167"[1].
- Oregon Department of Consumer and Business Services, "Prescription Drug Price Transparency Results and Recommendations"[2].
- Intelligencia.ai, "2025 Pharma Predictions: AI, Health Tech, and Data Trends to Watch"[3].
- Vizient, Inc., "Vizient Projects 3.8% Drug Price Increase Driven by Specialty Pharmaceuticals"[4].
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