The cost of prescription medications in the U.S. has risen sharply, outpacing inflation by 37% since 2014, leading to higher out-of-pocket expenses for consumers despite recent slowing in price increases, according to data from GoodRx. Click here for article.
Cost Increase: Prescription medication prices in the U.S. have surged by 37% since 2014, significantly exceeding inflation rates and contributing to higher out-of-pocket expenses for consumers.
Impact on Consumers: On average, Americans pay $16.26 out of pocket per prescription, with rising copays, coinsurances, and deductibles further burdening patients, especially those in high deductible plans or lacking insurance.
Insurance Coverage Challenges: Over the past decade, deductibles have nearly doubled, and copays are rising, compounded by reductions in medication coverage under Medicare Part D plans, creating what GoodRx calls "the big pinch."
Policy and Response: President Biden's administration has addressed rising drug costs, announcing reductions on 64 prescription drugs for Medicare beneficiaries to alleviate out-of-pocket expenses, aiming to mitigate the financial strain on consumers.
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