In the 2025 Medicaid Pharmacy trend report, we look back on the last 10 years of Medicaid pharmacy economics, providing data-based graphs that illustrate where the Fee-for-Service (FFS) Medicaid Program has been and where it’s likely headed next year. We share info on traditional and specialty drug spend and impact, see the top classes and individual drugs driving trend, and take a closer look at the top driver of Medicaid net spend. This year’s report also highlights the notable decline in the average federal rebate and its likely causes.

The Medicaid Pharmacy Economics section, included in every issue of the report, provides the fundamental background for new readers and those who need a refresher on the calculation of the federal rebate and the impact rebates have on the net price of drugs in the Medicaid program.  

Read the report