More than two dozen big buyers of prescription medicines expect that prices will rise by an average of 8% annually over the next three years, a slight uptick from a year ago. And 19% believe that a “substantial portion” of the anticipated increases can be attributed to a shift to newer, pricier therapies, which is up from 8% a year ago, a new survey found.
Notably, the slightly higher projection “may be the continuation of a trend toward expectations for double-digit increases” for prescription medicines in the future, wrote analysts at Cowen, who queried 26 hospitals, pharmacy benefit managers, and health maintenance organizations that purchased about $90 billion in medicines in 2022, or about two-fifths of U.S. retail drug purchases.
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