Proprietary Composite Monthly Index Measures Average Price of Prescription Drugs in the U.S., Including Brand, Generic and Specialty Drugs
NEW YORK, 11/19/2014 – Truveris, a leading platform for pharmacy pricing and benefits analysis, today announced the Truveris NDI National Drug Index, a monthly indicator of the pricing changes taking place for brand, generic and specialty drugs in the United States. The NDI, a scientifically-generated statistic, will help the healthcare industry and the general public better understand the evolving marketplace for prescription drugs: view here.
The Truveris NDI builds on the company’s ongoing analysis of prescription drug claims data for its clients. It is the only prescription drug price index in the United States providing a holistic, accurate measurement of the prices paid by private insurers, self-insured organizations, government, unions and uninsured patients.
“There is an increasing need in the marketplace to understand the pricing trends in prescription drugs. Over the last few years, drug inflation has far outpaced inflation for the rest of the economy. Now, more than ever, price hikes in generic, brand and specialty drugs are concerning commercial and government payers, health insurance companies and patients,” noted A.J. Loiacono, Chief Innovation Officer for Truveris. “The monthly Truveris National Drug Index, made available to the general public, will spread awareness and facilitate assessment of the state of prescription drugs in the United States.”
The Truveris NDI is based on a collection of total prices paid for prescription drugs, including patient out-of-pocket costs and the amount covered by commercial plans, Medicaid and Medicare. A benchmark valuation of 500 points for January, 2013 was set for the composite Truveris NDI, comprised of a weighted average of generic, brand, and specialty drug spend.
“To generate the Truveris NDI, we factor in the retail and discounted prices, combining them in a carefully weighted manner that accounts for both the dispensing volume and dollar value of each individual drug,” stated Joanne Chen, Truveris Senior Data Scientist. “With over 500 million up-to-date, representative prescription data elements, we are able to present a high-res, high-def panorama of the pricing landscape that proportionally covers every line of business, drug category, dispensing channel and payment type.”
October 2014 Figures
October 2014 marks the first month of published data for the Truveris NDI. The current figures and tracking analysis are as follows:
Truveris NDI (Composite)
- The Truveris NDI rose 2.28 points, or 0.39% for the month of October.
- Year to date (Jan 2014 through October 2014), it is up 37.99 points, or 6.89%.
- The rolling 12-month composite index increased 10.44%.
Truveris NDI Brand
- The Truveris NDI Brand rose 1.42 points, or 0.47% for the month of October.
- Year to date (Jan 2014 through October 2014), it is up 24.95 points, or 9.05%.
- The rolling 12-month brand index increased 14.22%.
Truveris NDI Generic
- The Truveris NDI Generic rose 0.28 points, or 0.18% for the month of October.
- Year to date (Jan 2014 through October 2014), it is up 5.87 points, or 3.99%.
- The rolling 12-month generic index increased 5.43%.
Truveris NDI Specialty
- The Truveris NDI Specialty rose 0.58 points, or 0.43% for the month of October.
- Year to date (Jan 2014 through October 2014), it is up 7.18 points, or 5.57%.
- The rolling 12-month specialty index increased 8.30%.
Truveris will publish the current monthly NDI figures on its website, www.truveris.com, as well as via email.
Truveris is a healthcare IT company working across the prescription drug ecosystem to deliver transparency and lower costs to the consumer. Headquartered in New York City, Truveris automates and streamlines pharmacy benefit oversight and vendor selection on a Software-as-a-Service platform. Through solutions including rxchoice®, TruBid® and TruGuard®, Truveris effectively manages the complexity of pharmacy benefits and innovates to move healthcare beyond the status quo. For more information, visit http://truveris.com or follow us on Twitter @Truveris.