Aspirin Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Aspirin in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Aspirin Price Trend for the Q1 of 2024

Asia

In the Asian aspirin market, the prices were observed to be fluctuating within a limited range for the entire period of Q1 of 2024. Aspirin is also called acetylsalicylic acid, as it is generally produced by acetylation of salicylic acid. During the first quarter of 2024, pharma companies, especially Indian companies, struggled with rising raw material and manufacturing costs. The energy, labor, and shipping prices all skyrocketed, elevating the overall incurring production costs for suppliers. APIs (Active Pharmaceutical Ingredients) also cost more since most of the APIs are imported. However, despite all this, the aspirin prices remained confined in the country.

Aspirin Price Chart

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Aspirin is listed on the NLEM (National List Of Essential Medicines) in India. Thus, its prices are highly controlled by the NPPA (National Pharmaceutical Pricing Authority). NPPA allowed a marginal increase of about 0.00551% to MRPs of NLEM drugs including aspirin from April 2024 to satiate the situation, however, most big firms have denounced the rise as it doesn’t alter the WPI (Wholesale price index )at all. The government is reviewing the DPCO (Drug Price Control Order) to ease this pricing situation.

Europe

The European drug market is considered one of the most customer-friendly across the globe since the major part is covered by the public sector. The European aspirin market mimicked the changes in the Asian market during the first quarter of 2024. The prices were found wavering within a limited range. The German government has proposed a Medical Research Act (Medizinforschungsgesetz or MFG) that aims to introduce changes to pharmaceutical pricing and reimbursement regulations as part of the National Pharma Strategy.

One significant proposal involves allowing pharmaceutical companies to keep reimbursement prices confidential for new drugs, preventing them from being used as reference prices in other countries. Additionally, the Act seeks to eliminate consideration of drug prices in other European countries during German price negotiations and restrict the substitution of confidentially priced drugs with cheaper imports. These changes could impact international drug pricing dynamics and are currently undergoing public consultation before potential implementation in 2025.

North America

The American aspirin market could not behave any differently than its Asian and European counterparts. The price trend exhibited borderline buoyancy here as well. In the USA, the medicine firms have this tradition of raising the drug prices every January. Despite the nominal increases in list prices, the actual net prices, which account for rebates and discounts, have been on a downward trend for approximately six years.

The enactment of the American Rescue Plan Act in 2021 has resulted in unprecedented reductions in list prices for medications. These price adjustments align with ongoing endeavors in the capital aimed at tackling the issue of elevated drug expenses, including initiatives to grant Medicare negotiation authority and to restrict price hikes to inflationary levels.

Analyst Insight

According to Procurement Resource, not much change is anticipated in the Aspirin market prices in the coming months; market dynamics largely look stable for the coming quarter.

Aspirin Price Trend for the July - September of 2023

Asia

Aspirin witnessed fluctuating market dynamics in the Asian region during the third quarter of the year 2023. Demands from the pharmaceutical industry primarily influenced the changes in aspirin’s price graph. The supplies in the Chinese market were still struggling because of the incapacitation in production in recent years.

This void gave the price trend a good start at the beginning of the third quarter in July’23. However, the sliding cost support from the upstream situations because of constantly easing freight and processing rates pushed the aspirin prices back for some time in the middle of the quarter. It was stable demands that shifted the aspirin price momentum upwards by the end of the discussed period. Conclusively, a mixed-price behavior was observed in the said quarter for aspirin.

Europe

The European aspirin market trend closely followed the price analysis for the Asian region. The consumption from downstream food, beverage, agrochemical, and pharma industries drove these market trend. The regional prices first rose at the beginning of the quarter, then fell, and then again rose at the end of the quarter. Along with the downstream demands from the consuming sectors, economic inflation, and freight costs also guided these price trend.

North America

The American regional market could not behave any differently than the global aspirin market, and prices wavered throughout the said period. Dependency on Chinese manufacturing was also a big swaying factor. Overall, fluctuating price trend were observed.

Analyst Insight

According to Procurement Resource, the aspirin price trend are likely to continue fluctuating, given the current volatility in the market demands.

Aspirin Price Trend for First Half of 2023

Asia

The feedstock of aspirin faced a sharp fall in the first quarter of 2023, which depreciated the aspirin price trend. This reduction in price trend was a consequence of declining demand from the food, pharmaceutical, and healthcare industries.

China also struggled with weak rates of exports and struggling market activities after the pandemic. In addition to this, the slowdown of the global economy and strict monetary policy adopted by the governments to keep the market activities afloat had a negative impact on the aspirin price trend.

Europe

The price trend of aspirin suffered from low demand and the feeble condition of European aspirin markets. The rates of imports from the Asian countries also declined amid low demand, resulting in weak trading activities in the region. In addition to the overall fall in consumption of aspirin in the first and second quarters of 2023, the market also faced the adverse effects of high inflation and interest rates along with falling costs of energy, resulting in a consistent decline in aspirin prices.

North America

In the domestic market, the demand for aspirin declined in the first quarter of 2023, and with ample availability of aspirin in the region, the price trend of aspirin declined in North America. Additionally, the trading sentiments were also negatively affected by weak imports. Reduction in imports was also caused by the weak performance of the US dollar with respect to the Euro, and thus, aspirin prices faced southwards in the first two quarters of 2023.

Analyst Insight

According to Procurement Resource, the price trend of Aspirin is expected to fall in the upcoming quarters as the demand from end-users is declining along with weak global trading sentiments.

Procurement Resource provides latest prices of Aspirin. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.