- Date 2 May 2023
The U.S. market for medicines grew by 5% in 2022, reaching a total value of $429Bn on a net price basis. This was driven by a range of factors, including an increase in health services utilization, which is now back to pre-pandemic levels, and the entry of new medicines into the market. Balancing these drivers of growth, was a lack of net price increases for branded drugs and patient out-of-pocket costs per retail prescription remaining under $10. This is according to a new report from the IQVIATM Institute for Human Data Science, The Use of Medicines in the U.S. 2023: Usage and Spending Trends and Outlook to 2027.
“This is the tale of a balanced market in the U.S.,” said Murray Aitken, Executive Director of the IQVIA Institute for Human Data Science. “Life sciences innovation continues at a fast rate, bringing new drugs to patients and generating new demand, while average patient out-of-pocket costs remain low and the entry of biosimilars and generics as well as payer pressures cause growth in spending to remain at a lower level. Over the next five years we can expect significant growth from oncology, obesity and neuroscience medicines. However, total net spending is projected to remain flat through 2027, reflecting structural market dynamics, complex usage patterns and competition, as well as the effects of new policies and legislation.”