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Xevant Unveils 2023 Drug Trend Report: Insights into Key Drivers of Pharmaceutical Costs

LEHI, UT, UNITED STATES, May 15, 2024 /EINPresswire.com/ — Xevant, a leading provider of pharmacy benefit management (PBM) analytics, has released its 2023 Drug Trend Report. The report offers detailed insights into key drivers of pharmaceutical cost changes between calendar year 2022 and 2023 and guides stakeholders navigating the evolving pharmacy landscape.

In a dynamic industry characterized by constant change, understanding the drivers behind rising drug trends is essential. Shane Garduno, VP of PBM Practice at Xevant, said, “We offer a unique perspective on the evolving industry because we operate independently from PBMs. Our 2023 Drug Trend Report provides a nuanced analysis of key trend drivers.” Some highlighted trends include:
• Heightened utilization rates across both specialty and non-specialty drugs
• Increased demand for anti-obesity therapies
• Financial strain imposed by anti-inflammatory biologics
• Persistent price inflation across a myriad of drugs

Xevant presents its 2023 Drug Trend Report.

Xevant’s report, drawing from industry data as well as extensive data within its own book of business, delves into these factors. PBM stakeholders will discover valuable insights into unfolding trends and strategic considerations for the year ahead.

Key Observations from Xevant’s Book of Business – 2022 vs. 2023:
• 20% increase in average plan-paid cost
• 11% rise in the number of specialty prescriptions filled
• 25% increase in claims for anti-inflammatory drugs
• Up to 400% increase in GLP-1 utilizes

“Xevant’s analysis underscores a significant trend: plan-paid amounts for both non-specialty and specialty drugs rose by an average of 20% from 2022,” Garduno continued. “Despite non-specialty plan-paid amounts increasing slightly faster, specialty drugs continue to account for a higher percentage of drug costs.”

The report also sheds light on top therapy classes and trends driving pharmaceutical costs, including the increasing utilization of diabetes and anti-obesity medications, as well as the significant impact of anti-inflammatory medications on specialty drug trends.

Xevant’s Recommendations:
To effectively manage costs and trends, Xevant emphasizes the importance of leveraging advanced analytics and automation tools. Solutions such as TrendLogic, AlertLogic, Plan Review, and the recently launched Executive Dashboard empower stakeholders to analyze data in near real-time, identify opportunities, and proactively address emerging trends.

The 2023 Drug Trend Report equips PBM stakeholders with actionable insights to navigate the complex landscape of pharmaceutical costs, enabling informed decision-making and cost-saving strategies.

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Maidul Islam

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