U.S. prescription drug spending could peak at $610 billion by 2021, according to a new report from QuintilesIMS Holding.
Here are four things to know.
1. QuintilesIMS analysts expects U.S. drug spending to jump 4 percent to 7 percent through 21, hitting $580 billion to $610 billion.
2. While analysts originally predicted an average spending growth of 6 percent to 9 percent, the company lowered its forecast due to fewer new drug approvals, increasing market competition and heightened scrutiny over prices.
3. When manufacturer discounts and rebates are considered, analysts expect spending to jump 2 percent to 5 percent through 2021, reaching $375 billion to $405 billion.
4. In 2016, prescription drug spending increased 5.8 percent from the year prior to $450 billion based on list prices. When adjusted for discounts and rebates, spending jumped 4.8 percent to $323 billion.
To view the full report, click here.
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