Which of the following is NOT a key component of drug pricing?

The key component of drug pricing that stands out as not fitting within the traditional framework is the Group Purchasing Agreement. This is because Group Purchasing Agreements (GPAs) are primarily related to the purchasing power of institutions, such as hospitals and pharmacies, which band together to negotiate better pricing from manufacturers. While they do influence overall pricing strategies and cost savings for participants, GPAs are mechanisms for procurement rather than direct measures or components that determine the basic pricing of drugs.

On the other hand, Average Wholesale Price (AWP), Wholesale Acquisition Cost (WAC), and Private Sector Pricing are fundamental concepts directly associated with how drugs are priced on the market. AWP refers to a benchmark used in setting drug prices, WAC indicates the manufacturer's list price for a drug to wholesalers or direct purchasers, and Private Sector Pricing involves the prices negotiated between manufacturers and private sector entities like insurers and pharmacy benefit managers. Thus, these aspects are integral to understanding drug pricing mechanisms, making GPA the one that does not align with key components of drug pricing.