Drug prices will jump nearly 8% for health systems in 2018: 3 report findings

Health systems will see a 7.61 percent price increase for drug purchases in 2018, according to estimates from Vizient's July 2017 Drug Price Forecast.

Vizient's report outlines various factors driving price and practice changes in the drug industry. To compile the report, the Irving, Texas-based group purchasing organization analyzed drug purchasing data for its member hospitals and non-acute care providers from March 31, 2016, through Feb. 28, 2017. Forecasts are based on drug price changes over the last three years, current knowledge of contract allowances and market factors like expiring patents and upcoming competition.

Here are three takeaways from the report.

  1. Arthritis treatments will see the largest price increase at 14.8 percent, followed by immunomodulatory cancer drugs (9.06 percent) and anti-neoplastic cancer drugs (4.75 percent).

  1. Vizient noted 10 biosimilars could potentially hit the market this year. Pharmacists should educated physicians on the comparable safety and efficacy of these drugs, while also working with finance and billing departments "to ensure the value of these products is recognized in terms of both cost savings and appropriate reimbursement," according to the report.

  1. The report also highlights drug shortages as an issue that will continue to plague healthcare providers. Vizient recommends pharmacists focus their time and attention toward conserving critical drugs at risk of shortages.

To view the full report, click here.

More articles on supply chain:

Medtronic continues to fill back orders following June computer outage
4 latest FDA approvals
5 steps to reduce blood costs at your hospital

Copyright © 2022 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars