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Drug Price Trends for NDC 83324-0016
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Average Pharmacy Cost for 83324-0016
| Drug Name | NDC | Price/Unit ($) | Unit | Date |
|---|---|---|---|---|
| QC CHILD ALLERGY 12.5 MG/5 ML | 83324-0016-04 | 0.02761 | ML | 2024-12-18 |
| QC CHILD ALLERGY 12.5 MG/5 ML | 83324-0016-04 | 0.02735 | ML | 2024-11-27 |
| >Drug Name | >NDC | >Price/Unit ($) | >Unit | >Date |
Best Wholesale Price for NDC 83324-0016
| Drug Name | Vendor | NDC | Count | Price ($) | Price/Unit ($) | Dates | Price Type |
|---|---|---|---|---|---|---|---|
| >Drug Name | >Vendor | >NDC | >Count | >Price ($) | >Price/Unit ($) | >Dates | >Price Type |
83324-0016 Market Analysis and Financial Projection
Market Analysis and Price Projections for the Drug NDC: 83324-0016
Understanding the NDC System
To analyze the market and price projections for a specific drug identified by its National Drug Code (NDC), it is crucial to understand the NDC system. The NDC is a unique, three-segment number that serves as the FDA’s identifier for drugs. It includes the labeler code, product code, and package code, providing detailed information about the drug, its strength, dosage form, and packaging[4][5].
Identifying the Drug
The NDC 83324-0016 corresponds to a specific drug product. However, without specific data on this NDC, we must rely on general principles of drug market analysis and price projections.
Factors Influencing Drug Prices
Several factors influence the prices of prescription drugs:
Pharmaceutical Supply Chain
The interactions and financial negotiations between pharmaceutical supply chain entities, including manufacturers, pharmacy benefit managers (PBMs), and health insurers, significantly impact drug prices. These entities negotiate rebates, discounts, and other incentives that can affect the final cost to consumers[2].
Regulatory Oversight
Regulatory policies, such as those implemented by the Oregon Drug Price Transparency Program, require manufacturers to report price increases and new high-cost drugs. This transparency helps in understanding the factors driving price changes[2].
Global Market Trends
Prescription drug prices in the U.S. are significantly higher than in other countries. For example, prices in the U.S. were found to be 5.5 times those in the OECD (excluding the U.S.) and 7.7 times those in the rest of the world (excluding the U.S.)[3].
Price Trends and Projections
Historical Price Data
Analyzing historical price data is essential for projecting future prices. For instance, the price of Imatinib Mesylate (NDC 00378-2245) has shown fluctuations over time, with prices decreasing from $0.66780 per unit in December 2024 to $0.50016 per unit in September 2024[1].
Market Dynamics
The overall market dynamics, including sales revenues and volume growth, can indicate future price trends. In the U.S., prescription drug sales revenues have grown significantly, with a 14% increase in average price per unit between 2017 and 2022, compared to decreases in other regions[3].
Price Increase Factors
Manufacturer Reporting
Manufacturers must report significant price increases. For example, the largest price increase reported in Oregon's 2022 transparency program was a 2,527% increase for a generic naproxen, highlighting the variability and potential for significant price changes[2].
Rebates and Discounts
Rebates negotiated by PBMs are a major factor influencing drug prices. These rebates are often kept secret, making it challenging to determine the actual cost of a drug to the healthcare system[2].
Market Size and Sales Revenue
Geographic Variations
The U.S. market has seen substantial growth in sales revenues for prescription drugs, particularly for biologic products, which grew by 61% between 2017 and 2022. In contrast, sales revenues in other regions have been more stable or have even decreased[3].
Volume vs. Revenue Growth
While the volume of prescription drugs sold has grown globally, the U.S. has seen an outlier growth in sales revenues compared to volume growth. This suggests that price increases are a significant contributor to revenue growth[3].
Regulatory and Policy Implications
Transparency Programs
States like Oregon have implemented drug price transparency programs to provide accountability for prescription drug pricing. These programs require manufacturers to report price increases and new high-cost drugs, helping to identify factors driving price changes[2].
Upper Payment Limits
Some states and the federal government are considering implementing upper payment limits for certain drugs to control costs. This approach could potentially cap the maximum price that can be charged for a drug, similar to pharmaceutical rate setting in other wealthy nations[2].
Consumer Impact
Stories from Consumers
Consumer stories highlight the real-world impact of drug price increases. For instance, significant price hikes can make essential medications unaffordable for many individuals, leading to health complications and financial burdens[2].
Industry Expert Insights
"The lack of transparency in the pharmaceutical supply chain, particularly regarding rebates and discounts, makes it difficult to understand what drives drug prices. This opacity is a significant barrier to developing effective policies to control costs."[2]
Illustrative Statistics
- The median price increase for generic drugs in Oregon's 2022 transparency report was 19.9%, while for brand-name drugs it was 13.4%[2].
- Prescription drug prices in the U.S. are 5.5 times those in the OECD (excluding the U.S.) and 7.7 times those in the rest of the world (excluding the U.S.)[3].
Key Takeaways
- NDC System: Understanding the NDC system is crucial for identifying and analyzing specific drug products.
- Price Trends: Historical price data and market dynamics are key to projecting future price trends.
- Regulatory Oversight: Transparency programs and regulatory policies can help in controlling drug prices.
- Global Comparisons: The U.S. has significantly higher drug prices compared to other regions.
- Consumer Impact: High drug prices can have severe financial and health implications for consumers.
FAQs
Q: What is the National Drug Code (NDC) and how is it used? A: The NDC is a unique, three-segment number that identifies a drug product, including its labeler, product, and package codes. It is used by the FDA to track and regulate drugs in the U.S.[4][5].
Q: Why are prescription drug prices in the U.S. so high compared to other countries? A: Prescription drug prices in the U.S. are influenced by various factors, including the pharmaceutical supply chain, lack of price controls, and a drug mix that skews towards higher-cost drugs[3].
Q: How do rebates and discounts affect drug prices? A: Rebates and discounts negotiated by PBMs can significantly reduce the actual cost of a drug to the healthcare system, but these are often kept secret, making it difficult to determine the final cost to consumers[2].
Q: What are the implications of implementing an upper payment limit for drugs? A: Implementing an upper payment limit could help control drug costs by capping the maximum price that can be charged for a drug, similar to pharmaceutical rate setting in other wealthy nations[2].
Q: How do transparency programs impact drug pricing? A: Transparency programs, such as Oregon's Drug Price Transparency Program, provide accountability by requiring manufacturers to report price increases and new high-cost drugs, helping to identify and address factors driving price changes[2].
Sources
- DrugPatentWatch: Latest drug prices and trends for NDC 00378-2245.
- Oregon Department of Consumer and Business Services: Prescription Drug Price Transparency Results and Recommendations.
- ASPE: International Market Size and Prices.
- YouTube: NDC Directory (March 2015).
- FDA: National Drug Code Directory.
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