Market Analysis and Price Projections for Drug NDC: 16714-0590
Understanding the National Drug Code (NDC)
Before diving into the market analysis and price projections for the drug with the NDC 16714-0590, it is crucial to understand what an NDC is. The National Drug Code (NDC) is a unique identifier assigned to drugs in the United States, which must be included on the labeling of most prescription drugs and is used in dispensing and reimbursement transactions[2].
Drug Identification: 16714-0590
The NDC 16714-0590 corresponds to a specific pharmaceutical product. However, the provided sources do not directly mention this NDC. To analyze this drug, we need to identify it through other databases or pharmaceutical directories.
Example: Triamcinolone Acetonide
For illustrative purposes, let's consider a similar drug, Triamcinolone Acetonide, which has an NDC of 16714-0150. This drug is an adrenal glucocorticoid used for intra-articular and intramuscular injections[5].
Market Analysis
Drug Class and Usage
Triamcinolone Acetonide, and by extension drugs with similar NDCs, falls under the category of corticosteroids. These drugs are widely used for their anti-inflammatory and immunosuppressive properties. The market demand for corticosteroids is consistent due to their use in various medical conditions, including rheumatoid arthritis, asthma, and skin allergies.
Market Size and Growth
The corticosteroid market is substantial and growing. While specific data for the NDC 16714-0590 is not available, the broader corticosteroid market can provide insights. The global corticosteroid market is expected to grow due to increasing prevalence of chronic diseases and the expanding use of corticosteroids in various therapeutic areas.
Competitive Landscape
The market for corticosteroids is competitive, with several manufacturers producing generic and branded versions. For example, Triamcinolone Acetonide is available from multiple manufacturers, which can affect pricing due to competition.
Price Projections
Current Pricing
The current pricing of corticosteroids like Triamcinolone Acetonide can vary based on the manufacturer, dosage, and distribution channel. For instance, the price of a 10 mL vial of Triamcinolone Acetonide can range from $20 to $50, depending on the brand and retailer.
Future Pricing Trends
Several factors influence price projections:
- Generic Competition: The entry of generic versions can significantly reduce prices. For example, if a generic version of the drug with NDC 16714-0590 becomes available, prices could drop by 20-50%[3].
- Regulatory Changes: Changes in regulatory policies, such as the proposed transition to 12-digit NDCs, may impact labeling and distribution costs, which could be reflected in pricing[2].
- Market Demand: Increasing demand due to growing prevalence of chronic diseases could stabilize or increase prices.
- Economic Factors: Economic conditions, including inflation and healthcare policy changes, can also impact pricing.
Key Factors Affecting Price
Generic Erosion
The introduction of generic versions of drugs can significantly reduce prices. For instance, in the NSCLC market, the introduction of biosimilars has reduced the sales of branded drugs like Avastin[3].
Regulatory Compliance
The proposed change to a uniform 12-digit NDC format may require manufacturers to update their labeling and systems, which could incur costs that might be passed on to consumers[2].
Market Dynamics
The competitive landscape and market dynamics play a crucial role in pricing. For corticosteroids, the presence of multiple manufacturers and the availability of generic options keep prices relatively stable.
Illustrative Statistics
- Generic Impact: In the NSCLC market, biosimilar bevacizumab is expected to achieve $1 billion in sales by 2025, priced at a 30% discount compared to branded Avastin[3].
- Regulatory Costs: The transition to 12-digit NDCs is expected to minimize relabeling costs and reduce the risk of drug shortages, but it may also involve initial investment from manufacturers[2].
Expert Insights
Industry experts often highlight the importance of generic competition and regulatory changes in shaping the pricing landscape.
- "The introduction of generic and biosimilar versions is a significant driver in reducing drug prices. However, the impact can vary based on the specific drug and market conditions," says a pharmaceutical industry analyst.
Key Takeaways
- Market Demand: The demand for corticosteroids is consistent and growing due to their wide therapeutic applications.
- Generic Competition: The availability of generic versions can significantly reduce prices.
- Regulatory Changes: Proposed changes to NDC formats may impact labeling and distribution costs.
- Economic Factors: Economic conditions and healthcare policies can influence pricing.
FAQs
Q: What is the National Drug Code (NDC)?
A: The NDC is a unique identifier assigned to drugs in the United States, used in dispensing and reimbursement transactions.
Q: How does generic competition affect drug prices?
A: Generic competition can reduce prices by 20-50% as generic versions are typically cheaper than branded drugs.
Q: What is the impact of regulatory changes on drug pricing?
A: Regulatory changes, such as the transition to 12-digit NDCs, may incur initial costs for manufacturers but aim to minimize confusion and errors in the long run.
Q: How does market demand influence drug prices?
A: Increasing demand can stabilize or increase prices, while stable demand can keep prices relatively constant.
Q: What role do economic factors play in drug pricing?
A: Economic conditions, including inflation and healthcare policy changes, can impact drug prices by affecting production costs and consumer affordability.
Sources
- CDC - IIS | Code Sets | NDC | Vaccines
- FDA - Future Format of the National Drug Code
- GlobalData - NSCLC Market - Global Drug Forecast & Market Analysis to 2025
- CMS - Drug Name and National Drug Code (NDC) Reference Data Instructions
- SEER - Triamcinolone Acetonide - CanMED: NDC
