HealthLeaders Media April 24, 2024
Prescription drug spending grew by 13.5% in 2023, but drug cost inflation was lower than the CPI.
KEY TAKEAWAYS
– Hospitals’ drug spending fell by 1.1%, continuing a steady period of falling expenditures that was interrupted during the COVID pandemic.
– Drug cost inflation was marginal (2.9%) and for the fourth straight year lagged the 3.4% inflation in the overall economy as measured by the Consumer Price Index.
– Spending for semaglutide doubled in 2023, making it the top-selling drug in the nation, replacing autoimmune disease drug adalimumab, which also saw sales growth despite the availability of cheaper biosimilars.
– Retail pharmacies accounted for $307.8 billion (42.6%) of total expenditures, mail-order pharmacies $206.6 billion (28.6%), clinics $135.7 billion (18.8%), and...
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