This annual IQVIA report analyzes U.S. medicine usage and spending trends, with particular attention to the impact of COVID-19. It shows that while healthcare utilization fell sharply during the pandemic, medicine supply remained stable and net spending grew modestly. Specialty medicines now account for over half of total spending, driven by oncology, immunology, and diabetes. The report highlights shifts toward telehealth, changes in prescribing behavior, growing use of generics and biosimilars, and patient out-of-pocket affordability trends. It projects modest spending growth through 2025, shaped by innovation, biosimilar competition, and payer pressure.

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