Market Analysis and Price Projections for the Drug NDC: 68094-0867
Understanding the National Drug Code (NDC)
To analyze the market and price projections for a specific drug identified by its NDC, it is crucial to understand what the NDC represents. The National Drug Code (NDC) is a unique, three-segment number that identifies a drug product. It consists of a labeler code, a product code, and a package code, which together provide detailed information about the drug, including its manufacturer, formulation, and packaging[1][5].
Identifying the Drug
The NDC 68094-0867 can be broken down as follows:
- Labeler Code: The first segment identifies the labeler, which could be a manufacturer, repackager, or relabeler.
- Product Code: The second segment specifies the strength, dosage form, and formulation of the drug.
- Package Code: The third segment indicates the package size and type.
To proceed with the analysis, one would typically look up the NDC in the FDA's National Drug Code Directory to identify the specific drug product, its active ingredients, and other relevant details[1][5].
Market Trends in the Pharmaceutical Industry
Drug Price Inflation
The pharmaceutical industry is experiencing significant price inflation, particularly driven by specialty pharmaceuticals. According to Vizient, Inc., drug price inflation is projected to grow at 3.8% in 2024, with specialty pharmaceuticals being a major contributor to this increase. This trend is influenced by the increasing utilization of drugs for complex and chronic conditions, such as cancer and autoimmune diseases[2].
Specialty Pharmaceuticals
Specialty pharmaceuticals, which include drugs for high-cost, complex, or chronic conditions, are a significant factor in the rising drug costs. These medications often have high development costs and limited competition, leading to higher prices. The approval of novel specialty drugs in 2023 and the anticipated record number of approvals in 2024 will further drive this trend[2].
Biosimilars
Biosimilars, which are biologic products that are highly similar to an already-approved biologic product, are expected to grow in market share. However, their impact on price reduction is moderate, with a projected price increase of only 0.55% for biosimilars compared to their originator products. This suggests that while biosimilars may offer some cost savings, they may not significantly mitigate the overall price inflation in the short term[2].
Advanced Parenteral Drugs
If the drug identified by NDC 68094-0867 falls under the category of advanced parenteral drugs, it is worth noting that this market is expected to grow at a CAGR of 4.3% from 2021 to 2027. Advanced parenteral drugs, particularly those for cardiovascular conditions, are in high demand due to increasing health awareness and the prevalence of heart diseases[4].
AI and Data Trends
The use of artificial intelligence (AI) and external data is becoming more prevalent in the pharmaceutical industry. AI is expected to play a larger role in clinical development, regulatory success predictions, and data analysis. This could potentially impact the development and pricing strategies of drug manufacturers, although it may not directly affect the price of a specific drug in the short term[3].
Price Projections
Given the broader trends in the pharmaceutical industry:
- Specialty Pharmaceuticals: If the drug is a specialty pharmaceutical, it is likely to see a price increase in line with the projected 4.18% for specialty medications.
- Biosimilars: If the drug has biosimilar competitors, the price might be slightly moderated, but this would depend on the specific market dynamics and formulary strategies of pharmacy benefit managers.
- Advanced Parenteral Drugs: If the drug falls under this category, it would be part of a market expected to grow at a CAGR of 4.3%, which could influence pricing due to increased demand and technological advancements.
Key Takeaways
- The NDC 68094-0867 identifies a specific drug product, and understanding its components is crucial for market analysis.
- The pharmaceutical industry is experiencing price inflation driven by specialty pharmaceuticals.
- Biosimilars may offer some cost savings but are not expected to significantly reduce overall prices.
- Advanced parenteral drugs are seeing growth due to increasing health awareness and technological advancements.
- AI and data trends are shaping the industry but may not directly impact short-term price projections.
FAQs
Q: What does the National Drug Code (NDC) represent?
A: The NDC is a unique, three-segment number that identifies a drug product, including the labeler, product, and package code.
Q: Why are drug prices increasing?
A: Drug prices are increasing due to various factors, including the growing demand for specialty pharmaceuticals and the limited competition in this market segment.
Q: How do biosimilars affect drug prices?
A: Biosimilars can offer some cost savings but are expected to increase in price by only 0.55%, indicating a moderate impact on overall price reduction.
Q: What is the projected growth rate for advanced parenteral drugs?
A: The advanced parenteral drug market is expected to grow at a CAGR of 4.3% from 2021 to 2027.
Q: How is AI impacting the pharmaceutical industry?
A: AI is increasingly being adopted in clinical development, regulatory success predictions, and data analysis, which could influence long-term development and pricing strategies.
Sources
- FDA: National Drug Code Database Background Information.
- Vizient, Inc.: Vizient Projects 3.8% Drug Price Increase Driven by Specialty Pharmaceuticals.
- Intelligencia.ai: 2025 Pharma Predictions: AI, Health Tech, and Data Trends to Watch.
- Maximize Market Research: Advanced Parenteral Drug Market: Industry Analysis (2021-2027).
- FDA: National Drug Code Directory.
