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As the U.S. economy continues to stabilize in the wake of the COVID-19 pandemic, prescription volumes continue to rebound as well. The overall market growth for prescription drugs from May 21–28 hit 21% year over year, according to IQVIA data. The growth rate in the prior two weeks was 13%.
New prescription growth from May 21 to 28 increased 34% year over year while retail growth hit 23%. In general, pharmacy chains have seen a rapid upward trend in sales since December 2020, with growth stabilizing in May 2021.
While mail-order prescriptions have expanded during the pandemic, total mail-order prescriptions accounted for only 5.2% of the total prescription drug market in late May.
All of the 42 therapeutic areas that Truist Securities tracks grew from May 21 to 28.
A recently released analyst report from UBS’s Kevin Caliendo, however, noted that the biosimilar market slipped in April, with the oncology biosimilar share dropping 90 basis points from March to April.
Also in May, Amazon (NSDQ:AMZN) announced that it would unveil new tools to help consumers track prescription drug costs. The company also offers prescription discounts via its Prime membership program. Members without insurance stand to save up to 80% off generic and 40% off brand-name medications.