Market Analysis and Price Projections for the Drug NDC: 23155-0735
Introduction to the Drug
The drug with the NDC code 23155-0735 is Terazosin hydrochloride, an alpha-1-selective adrenoceptor blocking agent used primarily to treat hypertension and symptoms of benign prostatic hyperplasia (BPH)[4].
Market Context
Overall Pharmaceutical Market
The pharmaceutical market is expected to experience significant growth, with the overall prescription drug market projected to grow at a Compound Annual Growth Rate (CAGR) of 9% through 2030[3].
Specialty Pharmaceuticals
Specialty pharmaceuticals, which include drugs for complex or chronic conditions, are driving a significant portion of this growth. According to Vizient, Inc., specialty pharmaceuticals are expected to see a 4.18% price increase, contributing to an overall drug price inflation of 3.8% in the latest Pharmacy Market Outlook[2].
Therapeutic Class and Pricing Trends
Therapeutic Class
Terazosin hydrochloride falls under the therapeutic class of cardiovascular agents, one of the three classes that account for more than half of the extraordinary price increases in brand-name drug products[5].
Pricing Trends
Historically, brand-name drug products, including those in the cardiovascular therapeutic class, have seen significant price increases. Most of these increases were for products costing less than $25 per unit before the increase. However, the median price increase for such products has been substantial, rising from $1.66 per unit to $4.70 per unit after the increase[5].
Specific Drug Analysis
Terazosin Hydrochloride
Terazosin hydrochloride, marketed by Heritage Pharmaceuticals Inc. d/b/a Avet Pharmaceuticals Inc., is an Abbreviated New Drug Application (ANDA) product. This indicates it is a generic version of the drug, which generally has lower pricing compared to brand-name counterparts[4].
Pricing Dynamics
Generic drugs like Terazosin hydrochloride typically experience less dramatic price fluctuations compared to brand-name drugs. However, they can still be affected by market dynamics such as supply chain issues, raw material costs, and regulatory changes.
Market Competition
The presence of generic competitors can help stabilize prices. For Terazosin hydrochloride, multiple generic versions are available, which can lead to competitive pricing and potentially lower prices for consumers.
Price Projections
Short-Term Projections
Given the current market trends, it is unlikely that Terazosin hydrochloride will see significant price increases in the short term. The overall pharmaceutical market is experiencing inflation, but generic drugs are generally less affected by these trends. Therefore, any price changes for Terazosin hydrochloride are likely to be modest.
Long-Term Projections
In the long term, the price of Terazosin hydrochloride could be influenced by broader market factors such as changes in healthcare policies, advancements in treatment options, and shifts in demand. However, as a generic drug, it is likely to remain relatively stable in terms of pricing.
Supply Chain and Expenditure Management
Importance of Supply Chain Management
Managing pharmacy expenditures and strengthening the supply chain is crucial, especially in the face of rising drug costs and potential shortages. Companies like Vizient, Inc. emphasize the importance of these strategies to mitigate financial impacts on healthcare providers[2].
Role of Generic Drugs
Generic drugs like Terazosin hydrochloride play a significant role in managing healthcare expenditures. They offer cost-effective alternatives to brand-name drugs, helping to reduce the overall spend on pharmaceuticals.
Key Takeaways
- Market Growth: The pharmaceutical market is expected to grow significantly, driven by specialty and generic drugs.
- Pricing Trends: Generic drugs like Terazosin hydrochloride are less likely to see dramatic price increases compared to brand-name drugs.
- Therapeutic Class: Terazosin hydrochloride falls under the cardiovascular therapeutic class, which has seen significant price increases historically.
- Supply Chain Management: Effective management of pharmacy expenditures and supply chains is critical in managing drug costs.
- Generic Competition: The presence of multiple generic versions of Terazosin hydrochloride helps in maintaining competitive pricing.
FAQs
What is the primary use of Terazosin hydrochloride?
Terazosin hydrochloride is primarily used to treat hypertension and symptoms of benign prostatic hyperplasia (BPH)[4].
How does the overall pharmaceutical market growth impact generic drugs?
The overall pharmaceutical market growth can influence generic drugs by affecting supply chain dynamics and raw material costs, but generic drugs generally see less dramatic price fluctuations compared to brand-name drugs[3].
What are the key factors influencing the price of Terazosin hydrochloride?
The price of Terazosin hydrochloride is influenced by market competition, supply chain management, and broader healthcare policy changes[2][4].
How does the presence of generic competitors affect the pricing of Terazosin hydrochloride?
The presence of multiple generic competitors helps in maintaining competitive pricing and potentially lower prices for consumers[4].
What are the projections for drug price inflation in the near future?
Drug price inflation is projected to grow at 3.8%, with specialty pharmaceuticals driving a significant portion of this increase. However, generic drugs like Terazosin hydrochloride are expected to see more modest price changes[2].
Sources
- FDA Report: NDC 23155-148 Oral Tablet Acarbose Drug Codes.
- Vizient, Inc.: Vizient Projects 3.8% Drug Price Increase Driven by Specialty Pharmaceuticals.
- DrugPatentWatch: Latest drug prices and trends for NDC 00054-0319.
- DailyMed: Label: TERAZOSIN capsule.
- GAO Report: Brand-Name Prescription Drug Pricing.
