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Pharmaceutical drug prices are rising and contribute significantly to total health expenditure worldwide. Since 2014, prescription drug prices have increased by 33%. In 2020, global spending on prescription drugs is expected to be US$ 1.3 trillion. Increasing drug prices and consumer spending on prescription drugs are increasing the demand for the pharmacy benefit management system. The system is operated by third-party administrators who act as a link between drug manufacturers, insurance providers, and pharmacists. The system assists in reducing drug prices by negotiating with drug manufacturers and retail pharmacies. Those who are enrolled in various health schemes and those without insurance can get the benefit of the pharmacy benefit management system. The system provides medicines at a lower price than those available at retail pharmacies. To reduce rising health expenses, Japan planned to start reviewing drug prices every year instead of every two years. The move reflects growing resistance to rising drug prices worldwide. In Europe, different approaches have been implemented to regulate drug prices. In Germany, manufacturers can freely set the prices of newly developed drugs during their first year on the market. Benefit assessments are done during this year and then used in price negotiations between manufacturers and the country's representatives of statutory health insurers. Read more @ https://coherentmarketinsights-cmi.blogspot.com/2020/12/pharmacy-benefit-management-is-integral.html

Different types of medical practitioners qualify for MIPS 2021 reporting. They can do it as individuals, as part of a group, or even as a virtual group. Though, there are some exclusion cases from participation.

MIPS has elevated the way Medicare part B providers get compensated. Each category, including Promoting Interoperability, has specific measures and guidelines that need to be fulfilled for MIPS 2021 reporting.

Nutraceuticals are items that fall under the food category but have medical uses as well. Given that they are created using food and food extracts, they are also referred to as bioceuticals. Nutraceutical products come in a wide range of varieties and are used for a variety of purposes. These goods are unregulated in many parts of the world because they are viewed as food additives or supplements. Products made with nutraceuticals are in high demand. The growing knowledge of the health advantages associated with the intake of nutraceuticals and Nutraceutical supplements is the main driver of the increase in demand for these products. Additionally, it is anticipated that increased athlete participation in sports at the national and international levels will raise demand for functional beverages. The market for functional foods is expanding primarily due to rising cardiovascular, chronic, and obesity-related disorders as well as an urbanizing population, rising healthcare spending, and these diseases. Omega fatty acids, which are abundant in functional foods, aid to regulate blood circulation and maintain weight. It offers medical or health advantages, such as disease prevention and treatment. Due to the increasing prevalence of lifestyle-based diseases in the UAE, which is brought on by excessive packaged food consumption and a sedentary lifestyle, the need for nutraceuticals in the form of fortified functional foods and beverages has grown over time.