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Drug Price Trends for NDC 16714-0167
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Average Pharmacy Cost for 16714-0167
| Drug Name | NDC | Price/Unit ($) | Unit | Date |
|---|---|---|---|---|
| LIOTHYRONINE SOD 25 MCG TAB | 16714-0167-01 | 0.27140 | EACH | 2024-12-18 |
| LIOTHYRONINE SOD 25 MCG TAB | 16714-0167-01 | 0.24580 | EACH | 2024-11-20 |
| LIOTHYRONINE SOD 25 MCG TAB | 16714-0167-01 | 0.32310 | EACH | 2024-10-23 |
| >Drug Name | >NDC | >Price/Unit ($) | >Unit | >Date |
Best Wholesale Price for NDC 16714-0167
| Drug Name | Vendor | NDC | Count | Price ($) | Price/Unit ($) | Dates | Price Type |
|---|---|---|---|---|---|---|---|
| >Drug Name | >Vendor | >NDC | >Count | >Price ($) | >Price/Unit ($) | >Dates | >Price Type |
Market Analysis and Price Projections for the Drug NDC: 16714-0167
Introduction
The pharmaceutical market is a complex and dynamic sector, influenced by various factors including regulatory changes, technological advancements, and market demand. This article focuses on the market analysis and price projections for a specific drug identified by the National Drug Code (NDC) 16714-0167, which is associated with levetiracetam, a medication used to treat certain types of seizures.
Understanding the National Drug Code (NDC)
The NDC is a unique, three-segment number assigned by the FDA to identify drugs. It is crucial for tracking and managing drug products in the U.S. market. The NDC Directory, maintained by the FDA, contains detailed information on active and certified finished and unfinished drugs, including prescription and over-the-counter drugs, approved and unapproved drugs, and repackaged and relabeled drugs[1].
Drug Overview: Levetiracetam
Levetiracetam, identified by the NDC 16714-0167, is a prescription medication used in the treatment of epilepsy. It is available in various formulations, including tablets, oral solutions, and injectable forms. The drug is marketed under different brand names and generic labels, with NorthStar RxLLC being one of the packagers for the generic version[5].
Market Trends in the Pharmaceutical Sector
The pharmaceutical market, particularly the biopharma and biotech sectors, is experiencing significant growth driven by technological advancements, evolving regulatory frameworks, and a shift towards patient-centered care. The biopharma market is projected to grow at a compound annual growth rate (CAGR) of 7.56% between 2024 and 2029, while the biotech sector is expected to grow at a CAGR of 9.4% between 2021 and 2027[3].
Price Transparency and Regulatory Oversight
Price transparency is a critical issue in the pharmaceutical market. Regulatory bodies, such as those in Oregon, have implemented drug price transparency programs to monitor and report price increases and new high-cost drugs. These programs require manufacturers to report price changes and provide detailed information on the reasons behind these changes. However, the quality of information submitted can be variable, and there are ongoing efforts to improve transparency and compliance[2].
Price Projections for Levetiracetam
Given the generic nature of levetiracetam, its pricing is generally more stable compared to brand-name drugs. However, price fluctuations can occur due to various factors such as changes in raw material costs, manufacturing efficiencies, and market competition.
Historical Pricing
Historically, generic drugs have seen significant price volatility. For instance, a generic version of naproxen experienced a 2,527% price increase between 2012 and 2021, highlighting the potential for dramatic price changes in the generic drug market[2].
Current Market Dynamics
The current market for levetiracetam is characterized by multiple generic manufacturers, which typically leads to competitive pricing. The median price increase for generic drugs has been around 19.9%, although this can vary widely depending on the specific drug and market conditions[2].
Future Projections
While specific price projections for NDC 16714-0167 are not readily available, the overall trend for generic drugs suggests that prices may remain relatively stable or see moderate increases. However, any significant changes in the supply chain, regulatory environment, or market demand could impact pricing.
Impact of Regulatory Changes
Regulatory changes can significantly influence drug pricing. For example, the implementation of upper payment limits for certain drugs, as proposed in some states, could cap the maximum price that can be charged for a drug, potentially affecting the pricing strategy for levetiracetam and other generic medications[2].
Market Competition and Generics
The presence of multiple generic manufacturers for levetiracetam ensures a competitive market, which generally keeps prices in check. As patents expire for brand-name drugs, the entry of generic versions can lead to a decrease in overall market prices. For instance, the patent expiration of drugs like Tarceva and Alimta has led to a significant decrease in their sales as generic alternatives become available[4].
Unmet Needs and Future Innovations
The pharmaceutical market is continually evolving with new innovations and therapeutic approaches. While levetiracetam addresses a specific need in epilepsy treatment, future innovations in precision medicine and immunotherapies are expected to reshape the broader pharmaceutical landscape. These advancements could indirectly influence the market dynamics for existing drugs by altering treatment algorithms and patient preferences[3].
Conclusion
The market analysis for the drug identified by NDC 16714-0167, levetiracetam, indicates a stable pricing environment due to its generic status and competitive market. However, the pharmaceutical sector is subject to various influences, including regulatory changes, technological advancements, and market demand fluctuations.
Key Takeaways
- NDC and Regulatory Oversight: The FDA's NDC Directory plays a crucial role in tracking and managing drug products, ensuring compliance and transparency.
- Market Trends: The biopharma and biotech sectors are experiencing significant growth driven by technological advancements and evolving regulatory frameworks.
- Price Transparency: Regulatory programs aim to improve price transparency, but challenges in data quality and compliance persist.
- Pricing Stability: Generic drugs like levetiracetam tend to have more stable pricing compared to brand-name drugs.
- Regulatory Impact: Proposed regulatory changes, such as upper payment limits, could affect pricing strategies for generic medications.
- Market Competition: Multiple generic manufacturers ensure a competitive market, keeping prices in check.
FAQs
1. What is the National Drug Code (NDC) and its significance? The NDC is a unique three-segment number assigned by the FDA to identify drugs. It is crucial for tracking and managing drug products in the U.S. market.
2. How does the FDA ensure compliance and transparency in drug pricing? The FDA maintains the NDC Directory, which contains detailed information on active and certified drugs. Regulatory programs, such as those in Oregon, monitor and report price increases and new high-cost drugs to ensure transparency.
3. What factors influence the pricing of generic drugs like levetiracetam? Pricing for generic drugs is influenced by factors such as raw material costs, manufacturing efficiencies, market competition, and regulatory changes.
4. How do regulatory changes impact drug pricing? Regulatory changes, such as the implementation of upper payment limits, can cap the maximum price that can be charged for a drug, potentially affecting pricing strategies.
5. What is the projected growth rate for the biopharma and biotech sectors? The biopharma market is projected to grow at a CAGR of 7.56% between 2024 and 2029, while the biotech sector is expected to grow at a CAGR of 9.4% between 2021 and 2027.
Sources
- FDA's National Drug Code Directory - FDA
- Prescription Drug Price Transparency Results and Recommendations - Oregon Department of Consumer and Business Services
- 5 Predictions for the Biopharma and Biotech Industries in 2025 - TFS Clinical Research
- NSCLC MARKET - Global Drug Forecast & Market Analysis to 2025 - GlobalData
- Label: LEVETIRACETAM- levetiracetam tablet, film coated - DailyMed
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