New IQVIA data show medicine prices grew just 1.5 percent in 2018

Last year, the U.S. Food and Drug Administration approved a record of 59 novel new medicines. During this incredible era of innovation, medicine prices grew just 1.5 percent in 2018, after factoring in negotiated rebates and discounts, according to a new report from the IQVIA Institute for Human Data Science, “The Global Use of Medicine in 2019 and Outlook to 2023.”

Key findings from the new IQVIA report include:

• In the United States, net prices for medicines grew just 1.5 percent in 2018, less than the rate of inflation.
• Over the next five years, net prices for medicines in the United States are expected to grow 0 to 3 percent annually.
• Biosimilar competition in the biologics market will be nearly three times larger in 2023 than it is today.
• Entry of generics and biosimilars are expected to decrease brand sales by $121 billion between 2019 and 2023, and 80 percent of that decrease is expected to take place in the United States.

Learn more at LetsTalkAboutCost.org.