The cost of specialty drugs for the top 25 therapies used to treat conditions like cancer and rheumatoid arthritis rose 16 percent last year, a dramatic one year increase stemming from the fact that few drugs lost patent protection in 2012, a new report says.
In its third annual “Medical Pharmacy Trend Report” Avon’s Magellan Pharmacy Solutions analyzed medical drug data from insurance companies to try to explain the cost trends surrounding specialty medications, including those used to treat complex chronic conditions like cancer, rheumatoid arthritis and multiple sclerosis.
The report found that:
- Specialty drug costs are rising dramatically, with an increase of 16 percent for the top 25 therapies
- Coinsurance and copays continue to significantly increase consumer out of pocket costs
- The approval of biosimilars streamlined by the FDA
- Data shows Genomic testing is now the established norm
To read the full report visit www.ICOREHealthcare.com.
