Magellan Rx Report Reveals That Medical Drug Spend Continues to Rise
From 2009 to 2019, commercial per-member per-month (PMPM) costs have almost doubled, from $17.28 to $32.73, an increase of 89%, according to the latest Medical Pharmacy Trend Report from Magellan Rx Management. The report also found that the cost of Remicade (infliximab), the top commercial drug, grew two-and-a-half times during that same period.
For the first time, the top five PMPM commercial drugs have changed, with Ocrevus (ocrelizumab) ranked in the No. 3 spot, displacing Avastin (bevacizumab), which fell to the seventh spot. Researchers found that out of 32 surveyed payers, 72% preferred Avastin’s biosimilars over the reference product (see chart below).
There were more than 700 oncology drugs in clinical trials in 2019, and the report projects that category’s PMPM spend will rise from $52 in 2019 to $106 in 2024. In addition, the FDA continues to approve more and more biologics. “These trends continue to be a challenge for all stakeholders involved in the care of patients with complex specialty conditions, making it vital for them to stay current and informed on medical benefit trends and forward-thinking solutions for managing provider-administered drugs,” maintained the report.
SOURCE: Magellan Rx Management, Medical Pharmacy Trend Report, eleventh edition, released May 2021. Visit https://bit.ly/3vJYYff.