According to the Pharmacy Market Outlook prepared by Vizient earlier in 2021, an increase in pharmaceutical spending of 3.1% is expected for hospitals, medical centers, non-acute providers and healthcare systems throughout the upcoming year to December 2022. Vizient is a leading healthcare performance improvement company in the United States, offering data driven solutions for healthcare providers to focus on what they do best, providing cost-effective and exceptional care. Here is what Vizient projects on drug spending trends for 2022 and what is driving the increase.
What Drives the Increase in Drug Spending for 2022?
While oncology medications continue to be the top therapeutic class of drug costs accounting for 25% of the increase, the COVID-19 pandemic has had a profound effect on healthcare member drug purchases. Additional factors include competition from biosimilars, a biological medical product that is manufactured to be close to an identical copy of an original drug that is manufactured by a different company. Biosimilars can be manufactured once the original product’s patent has expired.
The recent FDA approval of insulin glargine for treatment of diabetes in July of 2021, is an example of how biosimilars can help patients and medical providers with additional options for treatment. This is the first biosimilar product approved by the FDA in the U.S. to treat diabetes and is indicated to improve glycemic control in pediatric and adult patients with type I and II diabetes and type II diabetes in adults. Biosimilars offer high-quality, safe, and cost-effective options to treat chronic illnesses like diabetes.
COVID-19 and the SARS-CoV-2 Virus
The current global pandemic that has been sweeping around the world since early 2020 and the continuing emergence of variants has also contributed to the increase in drug spending projected by Vizient. Vaccine rollout and the significant hesitancy to vaccinations casts a shadow of doubt that we will have a quick return to normal and is a factor in increasing drug spending projections. Drug spending projections related to the global pandemic focus not only on vaccinations but with significant resources to treat symptoms such as respiratory distress.
Proper Drug Disposal Remains Critical
With the increase in drug spending an increase in pharmaceutical use is inevitable and requires a high focus of attention on proper drug disposal for all healthcare facilities. With hospitals using more medications to treat COVID-19 patients as well as administering vaccinations, there is a greater need to train staff on the proper disposal of all medical waste.
Healthcare staff in hospitals have been experiencing burnout and fatigue for what is coming up to a two year mark. Providing safe, and efficient methods to dispose of medications is just one factor that facilities can provide to help their staff deal with the increase in medication administration and disposal requirements.
Rx Destroyer™ Provide Safe and Efficient Medication Disposal
Rx Destroyer™ is a simple to use product and is available in a variety of sizes to meet the needs of various hospitals and healthcare facilities. Healthcare staff can simply drop the medication into the container, give a little shake, and chemical digestion begins to neutralize medications on contact rendering them non-retrievable and not available for drug diversion. This type of pharmaceutical waste disposal also protects the environment and meets federal EPA regulations for safe drug disposal.
C2 R Global is a leading provider of pharmaceutical waste disposal solutions, including Rx Destroyer™, industry best practices and safe product training. We help facilities to meet our mission of saving water, and saving lives, one prescription at a time. Contact us to learn more about safe, effective, and efficient pharmaceutical waste disposal in any healthcare setting.