20 Most Expensive Drugs in the World
In this article, we will take a look at the 20 most expensive drugs in the world. If you want to skip our discussion on the pharmaceutical industry, you can go directly to the 5 Most Expensive Drugs in the World.
The health of the global population is being adversely affected due to numerous factors, leading to a higher incidence of diseases such as cancer, diabetes, and cardiovascular issues. Contributing factors include demanding working hours, a lack of physical activity, and an unhealthy diet, all of which contribute to the prevalence of diseases like diabetes. In 2020, the World Health Organization highlighted a significant 57% increase in chronic diseases worldwide. Furthermore, China and India collectively accounted for 193.4 million diabetic patients in 2019, with projections indicating that India alone is expected to witness an increase to 101 million diabetic patients by 2030. This suggests a growing demand for drugs for numerous treatments, resulting in the expansion of the pharmaceutical drug market in the future. The size of the global drug market reached $1136.2 billion in 2022. Forecasts suggest that the market is expected to reach $1848.5 billion in 2027, exhibiting a compound annual growth rate (CAGR) of 11.4%. However, economic sanctions, rising commodity prices, and disturbances in supply chains are impacting the global market.
In response to these challenges, key players in the industry are actively developing solutions to address the growing demand for pharmaceutical drugs. One popular industry player is Johnson & Johnson (NYSE:JNJ), headquartered in New Brunswick, New Jersey. Johnson & Johnson (NYSE:JNJ) offers a diverse range of medical products, including prescription drugs, medical devices, and consumer health products. The pharmaceutical unit of Johnson & Johnson (NYSE:JNJ), which generated $52.56 billion in revenue in 2022, experienced nearly a 2% growth from the previous year. The company’s growth can be attributed to key medications such as Darzalex for cancer, Stelara for immunology, and Erleada for prostate cancer, among other drugs.
Another industry key player is Roche Holding AG (ROG.SW), which employs over 100,000 people in more than 100 countries as of 2020. As one of the world's largest biotech companies, Roche Holding AG (ROG.SW) focuses on creating medicines in areas like oncology, immunology, infectious diseases, ophthalmology, and central nervous system disorders. Roche Holding AG (ROG.SW) is also a leader in diabetes management. You can also check out the 15 Most Expensive Medical Treatments/Procedures in the US here.
Similarly, Merck & Co. Inc. (NYSE:MRK), a major pharmaceutical company engaged in the development of various drugs, reported an increase in its 2022 revenue, reaching $59.28 billion, compared to $48.70 billion in 2021. While facing a 15% decline in diabetes treatment sales to $4.5 billion, Merck & Co. Inc. (NYSE:MRK) saw a 22% increase in Gardasil sales, reaching $6.9 billion. This was mainly due to the high demand for the HPV vaccine in China. Additionally, there was a 10% rise for the anti-muscle relaxant Bridion, reaching $1.7 billion, and a 13% growth for the ovarian cancer drug Lynparza, reaching $1.1 billion. You can check out the 13 Most Profitable Pharmaceutical Stocks here.
Here's what Carillon Tower Advisers said about Merck & Co. Inc. (NYSE:MRK) in its Q3 2023 investor letter:
“Merck & Co., Inc. (NYSE:MRK) underperformed in the third quarter, based on what we view as largely macroeconomic-related factors. The company continues to execute well, both clinically and fundamentally, but much of the biopharmaceutical industry has been weak as investors are gravitating to other, more cyclical sectors.”
A pharmacy shelves stocked with pharmaceutical drugs awaiting distribution.
Our Methodology
To shortlist the 20 most expensive drugs in the world, we consulted multiple credible sources like Goodrx Health, Fierce Pharma, and Pharma News Intelligence. The prices of the drugs were counter-checked using online databases. The 20 most expensive drugs in the world have been ranked in ascending order of their annual cost. It's important to note that the costs may vary depending on the length of therapy. The list also includes some of the most expensive cancer drugs. With this context in mind, let's begin our high cost medications list 2023.
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20 Most Expensive Drugs in the World
20. Daraprim
Cost: $284,424
Company: Vyera Pharmaceuticals
Daraprim is prescribed, often in combination with other drugs such as sulfonamides, to treat severe parasitic infections like toxoplasmosis, which can affect various parts of the body, including the brain or eyes. It is also used for preventing toxoplasmosis infections in individuals with weakened immune systems, such as those with HIV.
19. Takhzyro
Cost: $461,611
Company: Takeda Pharmaceuticals
Takhzyro is a medication prescribed for the prevention of hereditary angioedema attacks in patients aged 2 years and older. People with angioedema experience rapid swelling beneath the skin, affecting areas like the face, throat, arms, and legs. Approved on 23rd October 2023, it is an expensive drug as angioedema is a rare disease.
18. Juxtapid
Cost: $536,568
Company: Aegerion Pharmaceuticals
Juxtapid received approval on 21st December 2012. The drug is used in combination with other treatments to reduce the levels of low-density lipoprotein (LDL) cholesterol, total cholesterol, and other fatty substances in the blood of people with homozygous familial hypercholesterolemia.
17. Cinryze
Cost: $548,563
Company: Shire plc
Approved in October 2008, Cinryze is a synthetic form of a blood protein that plays a crucial role in regulating swelling. Individuals with hereditary angioedema lack sufficient levels of this protein, resulting in symptoms such as abdominal problems or respiratory difficulties due to swelling. Cinryze is made to prevent and treat these angioedema attacks.
16. Oxervate
Cost: $582,000
Company: Dompe
Oxervate is a drug used for the treatment of neurotrophic keratitis, an eye condition resulting from damage to the trigeminal nerve. It is specifically intended for use in adults experiencing moderate or severe forms of the disease. Given the limited number of patients affected by neurotrophic keratitis, Oxervate was given the classification of an 'orphan medicine' on December 14, 2015.
15. Mavenclad
Cost: $644,760
Company: Merck Global
Mavenclad is used for the treatment of relapsing multiple sclerosis in adults. While this medication does not provide a cure for multiple sclerosis, it effectively reduces the relapse symptoms. Mavenclad is typically administered when other treatments have proven ineffective in managing the condition.
14. Actimmune
Cost: $660,024
Company: Horizon Pharma
Actimmune, approved in 1990, is made from human proteins and plays a role in assisting the body's defense against serious infections. It is used to prevent infections in individuals with chronic granulomatous disease. Actimmune is also used to slow down the progression of a bone disorder known as malignant osteopetrosis.
13. Ravicti
Cost: $695,970
Company: Horizon Therapeutics
Ravicti is a medication prescribed for both adults and children who have urea cycle disorders that cannot be effectively managed through dietary changes. These rare and genetic disorders lead to high levels of ammonia in the blood. Designated as an 'orphan medicine,' Ravicti has a high cost due to its specialized use in addressing these rare conditions.
12. Blincyto
Cost: $754,720
Company: Amgen, Inc
Blincyto is a drug for the treatment of B-precursor acute lymphoblastic leukemia in patients over one-year-old. It is used in cases of relapsed or refractory cases. It's also used in adults with minimal residual disease after B-precursor acute lymphoblastic leukemia treatment. The drug, containing blinatumomab, addresses a rare condition, resulting in it being categorized as an 'orphan medicine' in 2009.
11. Brineura
Cost: $755,898
Company: BioMarin Pharmaceuticals (NASDAQ:BMRN)
Brineura is a drug for the treatment of neuronal ceroid lipofuscinosis type 2 (CLN2 disease), a genetic disorder causing progressive brain damage in children. Due to the rarity of CLN2 disease, Brineura was approved as an 'orphan medicine' on March 13, 2013, which also resulted in it being priced higher.
10. Folotyn
Cost: $842,585
Company: Acrotech Biopharma
Folotyn, approved in 2009 as a standalone treatment, is a cancer medication used for T-cell lymphoma that has spread throughout the body. It is given in cases of relapsed T-cell lymphoma or when other medications have been unsuccessful in treating the disease.
9. Luxturna
Cost: $850,000
Company: Spark Therapeutics
Luxturna is a drug used for vision loss in adults and children resulting from inherited retinal dystrophy, an uncommon genetic disease affecting the retina. As inherited retinal dystrophy is rare, Luxturna has been labeled an orphan medicine for two specific forms of the disorder: retinitis pigmentosa and Leber's congenital amaurosis.
8. Kimmtrak
Cost: $975,520
Company: Immunocore
Kimmtrak is a medication given to adults with a specific type of eye cancer called uveal melanoma. It is given when surgical removal of the uveal melanoma is not possible or when the cancer has spread to other parts of the body. Kimmtrak was named an 'orphan medicine' on February 19, 2021. It is a costly drug due to the rarity of the disease.
7. Danyelza
Cost: $1.01 million
Company: Y-mAbs Therapeutics
Danyelza is a drug used for high-risk neuroblastoma, a rare cancer affecting adults and children of one year and older. It is administered along with another drug, granulocyte-macrophage colony-stimulating factor (GM-CSF), to revive the production of specific blood cells that help fight cancer and resist infection. Danyelza is recommended when previous cancer treatments have proven ineffective.
6. Zokinvy
Cost: $1.07 million
Company: Eiger BioPharmaceuticals (NASDAQ:EIGR)
Zokinvy received approval from the FDA in November 2020. It is used for reducing the risk of death in people with Hutchinson-Gilford Progeria Syndrome (HGPS or Progeria) and for addressing progeroid laminopathies.
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Disclosure: None. 20 Most Expensive Drugs in the World is originally published on Insider Monkey.