Drug Price Changes During the First Week of 2024

Prescription Drug Price Increases Range from 0.76% to 10.00%

FAYETTEVILLE, NEW YORK, UNITED STATES, January 8, 2024 /EINPresswire.com/ -- January is typically the busiest time of the year for price increases in prescription drug products, and 2024 is proving to be no exception. Manufacturers began reporting their January 2024 price changes to First Databank in late 2023 with 343 single source products increasing their Wholesale Acquisition Cost** (WAC) list price with a January effective date. As of January 5 , there have been 213 additional single source products that have experienced WAC unit increases.

The largest price increase during this time are 10% increases, that were enacted by 10 individual products. The lowest increase in WAC unit pricing thus far is Incyte Corporation’s JAKAFI with an increase of 0.76% following a 2% increase in October 2023.

In total, 145 unique labelers have enacted WAC unit increases on single source products thus far in 2024. Genentech leads the way with 23 unique single source products seeing an average WAC increase of 3.92%.

In reviewing the list of IQVIA’s Top 200 Prescription Products from 2022 (2023 list not yet available), 92 single source products have experienced price increases so far this January ranging from 1.84% to 9.99%. The average price increase for products listed in the Top 200 is 4.47%

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.

Source
AnalySource® as of January 5, 2024 - Reprinted with permission by First Databank, Inc. All rights reserved. © 2024

* Single source products are determined by the Center for Medicare and Medicaid Services, with increases in WAC Unit Pricing with effective dates between 1/1/2024 – 1/31/2024.

** First Databank, Inc Drug Pricing Policy: https://www.fdbhealth.com/drug-pricing-policy

About DMD America, Inc

AnalySource® is a registered trademark and drug pricing data solution service of DMD America, Inc. Since 1996, data has been made available in cooperation with First Databank, Inc., a subsidiary of the Hearst Corporation. Our service is licensed by subscription, with global clients including biotech, pharmaceuticals, government agencies, consultancies, academia, and more.

About First Databank (FDB)

First Databank (FDB) is the leading provider of drug and medical device knowledge that helps healthcare professionals make precise decisions. We empower our information system developer partners to deliver valuable, useful, and differentiated solutions used by millions of clinicians, business associates, and patients every day. For more than four decades, our medical knowledge has helped improve patient safety, operational efficiency, and healthcare outcomes. For a complete look at our solutions and services, please visit www.fdbhealth.com.

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DMD America, Inc.
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