American prescription drug spending will hit $610 billion by 2021

American prescription drug spending will hit $610 billion by 2021

By 2021 in the USA spending on prescription medicines is expected to soar 4-7%, potentially hitting $580-$610 billion. At least it’s ascertained by Thursday’s report published by QuintilesIMS Holding. The agency has definitely lowered its previous long-term forecast.

QuintilesIMS, complying data for the pharmaceutical industry, had earlier predicted average spending surge of 6-9% by 2021. The agency reduced its projections due to fewer fresh medicines approved in 2016 compared to previous years as drugmakers experience surging pricing pressure as well as competition.

Considering probable manufacturer rebates and discounts, spending would ascend 2-5%, hitting $375 billion to $405 billion by 2021 because net price surges for patent-protected branded drugs decreases, as the report told.

Under pressure from politicians and also as insurers as for the cost of many branded medicines, some drugmakers have promised to restrict annual price lifts to under 10%. 

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