People Spent the Most Money on These 25 Prescription Drugs Last Year

U.S. spending on prescription drugs amassed $722 billion in 2023, a nearly 14% uptick from 2022, marking the largest increase in spending in 20 years, according to a new study. The diabetes and weight loss medication semaglutide (Ozempic, Wegovy, and Rybelsus) topped the list. While drug prices did rise, the data and experts point to other, more significant factors for the national increase in spending.

Podcast: Understanding the politics of drug pricing in the United States

Everyone says they want more affordable drugs for patients that need them, but people disagree quite a bit on who’s to blame for the current status quo of sky-high prescription prices – not to mention how they might be corrected.
To help unpack some of those trends and conflicting perspectives, Brandon Newman, CEO of healthcare analytics firm Xevant, joins host Jonah Comstock on today’s episode of the pharmaphorum podcast. They discuss the oft-maligned role of pharmacy benefit managers, problems with the drug pricing provisions in the Inflation Reduction Act, the lack of (and importance of) price transparency, the various levers available to the government to address prices, and what companies like Xevant are doing right now to lower drug prices for patients.

Xevant’s Powerful PBM Tools for Improved Cost Management & Transparency

Access to critical pharmaceuticals at the lowest net cost for patients remains an essential objective that drives the American healthcare system. PBMs play a significant role in this equation, negotiating with manufacturers and navigating the complexities of drug pricing to achieve the best possible offers. However, the market’s dynamic character, combined with developing rebate structures, requires some deviation from typical data management and reporting approaches. Xevant, a revolutionary pharmaceutical analytics platform, addresses this issue, providing a full suite of must-have analytics solutions that equip PBMs with the tools they need to achieve maximum cost reductions and transparency for their clients.

Commentary from Xevant CEO Brandon Newman: Another view of Biden’s prescription drug cost initiative

In his most recent State of the Union speech, President Joe Biden presented a detailed plan to combat the rising costs of prescription drugs, a major issue that affects millions of people in the U.S. Among the measures that Biden proposes is the limitation of out-of-pocket costs for prescription drugs while simultaneously allowing the federal government the right to negotiate drug pricing. This represents a considerable shift from the regulations that have been in place previously surrounding healthcare. Given my position as the CEO of Xevant, I offer my perspective on these developments.

Xevant: Empowering America to Achieve the Lowest Net-Cost Drugs for a Healthier Future

Healthcare expenses have surged to unprecedented levels, a trend highlighted by the fact that over 900 prescription medications experienced price hikes in January alone. This occurs as legislative entities grapple with the intricate details of formulating effective drug pricing policies. Amid these challenges, there are emerging signs of innovative solutions making a difference. One notable example is Xevant, a platform specializing in pharmaceutical analytics, which stands as a beacon of how technology and forward-thinking can contribute to making healthcare more accessible and affordable for the American population. Xevant is not merely participating in discussions about securing cost-effective medications; it is at the forefront of this movement.