Mike Melgen | Bloomberg | Getty Images
The cost of prescription drugs in the U.S. has risen 37% since 2014, far outpacing the rate of inflation, according to Drug Savings Corporation good receiver.
Although price increases have slowed this year compared with the past decade, higher costs are increasing consumers’ out-of-pocket expenses. Data shows that Americans spend an average of $16.26 out of pocket per prescription.
“When conditions increase…inevitably, they do trickle down to consumers, particularly those who are in high-deductible plans, are uninsured or find themselves paying out of pocket,” said Tori Marsh, director of research at GoodRx.
GoodRx said patients’ share of costs continues to grow due to rising out-of-pocket costs, coinsurance and deductibles. The company found that deductibles for the average person have nearly doubled over the past 10 years, and out-of-pocket costs are rising as most plans add another layer of drugs with higher out-of-pocket costs.
GoodRx considers this a dynamic “big problem.” High drug costs coupled with reduced insurance coverage. GoodRx analyzed coverage in more than 3,700 Medicare Part D plans between 2010 and 2024 and found that the share of drugs covered fell by 19% during that period.
“The impact is really threefold,” Marsh said. “Escalating costs or rising prices are a big part of it, but it’s really a result of increased friction… In some ways, it’s harder for people to get medications or get into pharmacies. And then insurance doesn’t cover as much as it used to.”
According to the agency, Americans pay on average two to three times more for prescription drugs than consumers in other developed countries. white house.
Drug costs have become a particular focus for President Biden, especially as he approaches the 2024 election. The Biden administration has taken several steps to reduce out-of-pocket drug costs.
On Wednesday, the White House announced it would lower prices for 64 prescription drugs for some Medicare beneficiaries due to inflation penalties on drugmakers.
According to reports, the lower costs that take effect in the third quarter will benefit about 750,000 people who use these drugs each year, some of whom can save up to $4,593 per day. release.
“Despite efforts by policymakers and industry leaders to break down affordability and access barriers, patients’ actual out-of-pocket costs continue to increase, often leaving them feeling overwhelmed,” GoodRx interim CEO Scott Wagner said in a press release. Accident.
—CNBC’s Annika Kim Constantino contributed to this report.
About The Author
