Specialty Drug Trend: What the Data Shows
Pharmaceutical Strategies Group’s 2025 State of Specialty Spend & Trend report reflects what we’re seeing in the field every day:
- Specialty drug costs are projected to rise 46% net in just three years—driven by utilization, not price
- Inflammatory disorders now account for 37% of specialty spend, led by Skyrizi®, Dupixent®, and Rinvoq®
- Removing one high-cost drug doesn’t fix it—spend just shifts to another
In one client case, anti-inflammatory PMPM costs rose from $17 to over $22 in two years—even after Humira was removed from formulary. Utilization of Rinvoq and Skyrizi doubled. Biosimilar uptake stalled below 40%.
How Drug Advertising Skews the System
Direct-to-consumer (DTC) advertising has made these biologics household names. Patients request them by name. Prescribers—especially under time pressure—often say yes.
Here’s the problem: rebates don’t go away when this happens—they follow the utilization. But the average wholesale price (AWP) of the “next” drug is often even higher.
It’s like getting a discount on a luxury car when you could’ve bought a reliable hybrid for half the price.
When “Flat” Costs Are Mistaken for Success
Traditional PBMs often recognize when specialty drug spend has leveled off, but instead of pursuing deeper savings, they may declare victory too soon. With utilization shifting to higher-AWP products, stable costs are sometimes viewed as a win—when in reality, plans are losing out on the savings that vigilance could have secured. Without real-time oversight and strategic intervention, this “success” is simply a missed opportunity for greater value.
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