Market Analysis and Price Projections for NDC: 83980-0003
Understanding NDC Codes
Before diving into the market analysis and price projections for the drug with the NDC code 83980-0003, it is crucial to understand what an NDC code is. The National Drug Code (NDC) is a unique 10-digit, 3-segment numerical code assigned to medications in the United States. It identifies the labeler, product, and trade package size of the drug[4].
Identifying the Drug
To analyze the market and price trends for NDC 83980-0003, we first need to identify the drug associated with this code. However, the provided sources do not specify the drug name or details for this particular NDC. Typically, one would use an NDC lookup tool to find this information[4].
General Market Trends
Prescription Drug Market Growth
The overall prescription drug market is expected to grow at a significant rate. For instance, the market is projected to grow at a Compound Annual Growth Rate (CAGR) of 9% through 2030[2].
Price Trends
In recent years, the U.S. prescription drug market has seen substantial price increases. The average price per unit in the U.S. was 5.5 times higher than in the OECD (excluding the U.S.) and 7.7 times higher than in the rest of the world (excluding the U.S.) by 2022[3].
Segmenting the Market
Retail vs. Non-Retail Markets
The U.S. sales revenues for prescription drugs have grown differently in retail and non-retail markets. While retail markets have seen a contraction in other parts of the world, the U.S. has experienced growth in both retail and non-retail sectors, with non-retail markets (e.g., hospitals and physician offices) showing a higher growth rate[3].
Small Molecule Drugs vs. Biologic Products
The market trends also vary significantly between small molecule drugs and biologic products. In the U.S., sales revenues for biologic products have grown at a much higher rate (61%) compared to small molecule drugs (4% growth)[3].
Pricing Dynamics
Average Price Increases
The average price per unit for all drugs in the U.S. has increased by 14% between 2017 and 2022, while prices in other parts of the world and the OECD have decreased[3].
Benchmark for Price Adjustments
The median price increase for brand name drugs was 13.4% in 2022, which can serve as a benchmark for future price adjustments[5].
Market Size and Volume
Sales Revenues and Volume Growth
The prescription drug market size, measured by both sales revenues and volumes, has increased over the past six years. However, the U.S. has seen an outlier growth in sales revenues compared to other regions, largely due to higher prices rather than increased volume[3].
Price Projections for NDC 83980-0003
Given the lack of specific data on the drug associated with NDC 83980-0003, we can only make general projections based on market trends.
Expected Growth
If the drug falls under the category of biologic products or high-cost drugs, it is likely to see significant price increases, aligning with the 61% growth rate observed in the U.S. for biologic products[3].
Price Adjustments
The median price increase of 13.4% for brand name drugs in 2022 can be used as a benchmark. Therefore, it is reasonable to expect that the price of the drug associated with NDC 83980-0003 could increase by a similar percentage in the coming years[5].
Key Factors Influencing Price
Regulatory Environment
Changes in regulatory policies can significantly impact drug prices. For example, any policies aimed at controlling drug prices could affect the future pricing of the drug[3].
Market Competition
The level of competition in the market for the specific drug will also influence its price. If there are few competitors, prices are likely to remain high or increase[3].
Economic Conditions
Economic conditions, such as inflation and GDP growth, can also affect drug prices. Inflation-adjusted prices are often used to analyze long-term trends[3].
Conclusion
While specific data for NDC 83980-0003 is not available, the general trends in the prescription drug market suggest that prices are likely to continue increasing. Here are some key takeaways:
- Market Growth: The prescription drug market is expected to grow at a CAGR of 9% through 2030.
- Price Trends: The U.S. has seen significant price increases, with average prices 5.5 times higher than in the OECD and 7.7 times higher than in the rest of the world.
- Segmented Growth: Biologic products have seen higher growth rates compared to small molecule drugs.
- Price Adjustments: A median price increase of 13.4% for brand name drugs can serve as a benchmark for future adjustments.
Key Takeaways
- Market Growth Rate: 9% CAGR through 2030.
- Price Increases: Average prices in the U.S. are significantly higher than in other regions.
- Biologic vs. Small Molecule: Biologic products show higher growth rates.
- Benchmark for Adjustments: 13.4% median price increase for brand name drugs.
FAQs
Q: What is the National Drug Code (NDC)?
A: The National Drug Code (NDC) is a unique 10-digit, 3-segment numerical code assigned to medications in the United States, identifying the labeler, product, and trade package size[4].
Q: How does the U.S. prescription drug market compare to other regions in terms of price?
A: The U.S. has significantly higher prices, with average prices 5.5 times higher than in the OECD and 7.7 times higher than in the rest of the world[3].
Q: What is the expected growth rate for the prescription drug market?
A: The prescription drug market is expected to grow at a CAGR of 9% through 2030[2].
Q: How do biologic products compare to small molecule drugs in terms of market growth?
A: Biologic products have seen a much higher growth rate (61%) compared to small molecule drugs (4% growth)[3].
Q: What is the median price increase for brand name drugs that can serve as a benchmark for future adjustments?
A: The median price increase for brand name drugs was 13.4% in 2022[5].
Sources
- CDC - IIS | Code Sets | NDC | Vaccines
- DrugPatentWatch - Latest drug prices and trends for NDC 00054-0319
- ASPE - ISSUE BRIEF - International Market Size and Prices
- AAPC - NDC Code Lookup
- DrugPatentWatch - Latest drug prices and trends for NDC 00378-2245
