New Blockbuster Drugs Come to Market/Drug Prices Soar/Generics Offer Some Relief, Business and Industry Trends Analysis

Drug spending in the U.S. reached and estimated $358.7 billion in 2020, up from $345.7 billion in 2019 and $344.5 billion in 2018, according to the Centers for Medicare & Medicaid Services (CMS).  Prescription drug spending for 2021 is expected to be $375.8 billion.  Globally, the total prescription drug market was over $1.25 trillion in 2020, up from $1.2 trillion in 2019, and is expected to reach $1.5 trillion as early as 2023 according to Plunkett Research estimates.  In early 2021, major drug companies announced a hike in drug prices by an average of 3.3%.  According to one report, Pfizer,…

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