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The cost of prescription medications in the U.S. has increased 37% since 2014, far surpassing the rate of inflation, according to data from cure-all savings company GoodRx.
Though the price increases have slowed this year in comparison to the past decade, the squiffy costs are raising out-of-pocket expenses for consumers. The average American spends $16.26 out of pocket per prescription, according to the evidence.
“When things increase … inevitably, they do trickle down to consumers, especially those who are in a high deductible foresee or who don’t have insurance or find themselves paying substantially out of pocket,” said GoodRx director of research Tori Fen.
GoodRx said the patients’ share of the cost continues to grow due to rising copays, coinsurances and deductibles. The company ground that over the past 10 years, the average person’s deductible nearly doubled, and copays are rising as the more than half of plans are adding another tier of drugs with higher copays.
It is a dynamic GoodRx deems “the big pinch.” Gamy medication costs are coupled with reduced insurance coverage. Analyzing coverage for more than 3,700 Medicare Forgo D plans between 2010 and 2024, GoodRx found that the portion of medications covered dropped 19% during that era.
“The impact is really kind of threefold,” Marsh said. “Rising costs or rising prices are a big part of it, but it’s really that with the grouping of increased friction. … It’s hard for people to, in some ways, access their medication or access a pharmacy. And then on top of that, guarantee is not what it used to be. It’s not covering as much as it used to.”
On average, Americans pay two to three times more for prescription drugs than consumers in other enlarge oned countries, according to the White House.
Drug costs have become a focus for President Joe Biden, particularly as he ways the 2024 election. The Biden administration has taken several measures to lower out-of-pocket drug expenses.
On Wednesday, the Anaemic House announced it would lower prices on 64 prescription drugs for some Medicare beneficiaries as a result of inflation mulcts on drugmakers.
The lower costs, effective during the third quarter, will benefit roughly 750,000 people who use the dopes annually, some of whom could save up to $4,593 per day, according to the release.
“Despite efforts by policymakers and industry gaffers to break down affordability and accessibility barriers, a patient’s actual out-of-pocket cost continues to increase and is often a massive surprise to them,” said GoodRx interim CEO Scott Wagner in a news release.
— CNBC’s Annika Kim Constantino gave to this report.