Prescription medicine spending in US may hit US$610b by 2021: report

New York

SPENDING on prescription medicines in the US will increase 4-7 per cent through 2021, reaching US$580 billion to US$610 billion, according to a report released by QuintilesIMS Holding on Thursday that lowered its prior long-term forecast.

QuintilesIMS, which compiles data for the pharmaceutical industry, had previously forecast average spending growth of 6-9 per cent through 2021. It reduced its projections due to fewer new medicines approved in 2016 than prior years and as drugmakers face increasing pricing pressure and competition.