First Quarter Ends with 5.41% Average Price Increase
FAYETTEVILLE, NY, UNITED STATES, April 19, 2022 /EINPresswire.com/ — The first quarter of 2022 was active with drug manufacturers as hundreds of single-source brand name drugs, as determined by the Centers for Medicare and Medicaid Services, had price increases. During this period, 700 brands rose an average of 5.41%, with the majority of the brands, 640, taking price hikes in January. The overall annual inflation rate in the United States for 2021, using the Consumer Price Index (CPI-U) data provided by the US Department of Labor Bureau of Labor Statistic, was 7.0% and 1.4% for 2020, to provide context for the drug price increases.
Price increases ranged from a low of 0.75% for Adakveo [Novartis], used to treat sickle cell disease in patients 16+ years of age, to a high of 105.93% for Contrave [Currax], used to help manage weight in obese or overweight adults. In addition to Contrave, four other brands had price increases of 25 percent or more: Atgam [Pfizer], used to treat moderate to severe aplastic anemia at 25.00%, Metopirone [HRA Pharma], used in the diagnosis of certain problems of the adrenal glands at 25.00%, Tudorza Pressair [AstraZeneca], used to treat chronic obstructive pulmonary disease at 43.05%, and Loreev XR [Almatica Pharma], used to treat anxiety disorders at 49.12%.
When grouping brands into their respective therapeutic class, anti-obesity had the highest percent increase at 105.93%, as noted above with Contrave being the only drug in this specific therapeutic class to have a price increase, followed by diagnostic aids and analgesics at 11.24% and 9.18% respectively. See chart for the complete list of therapeutic classes with price increases.
Please note that these price changes affect list prices, or Wholesale Acquisition Cost* (WAC), that are set by the drug manufacturers without taking into account rebates, insurance, and other discounts that may be available.
AnalySource® as of April 6, 2022 – Reprinted with permission by First Databank, Inc. All rights reserved. © 2022
* First Databank, Inc Drug Pricing Policy: https://www.fdbhealth.com/drug-pricing-policy
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