Rising drug prices in the US impact Americans' out-of-pocket costs for medication

From CNBC: 2024-06-27 18:10:55

The cost of prescription medications in the U.S. has risen 37% since 2014, outpacing inflation. GoodRx data shows the average American pays $16.26 out of pocket per prescription, impacting those with high deductible plans or no insurance. Mishandling of medications has led to increased out-of-pocket costs and reduced insurance coverage.

Americans pay two to three times more for prescription drugs than other developed countries. President Joe Biden has taken action to lower drug costs, including reducing prices on 64 drugs for some Medicare beneficiaries. These measures could save individuals up to $4,593 per day.

Despite efforts to improve affordability, out-of-pocket costs for medication are still on the rise. GoodRx’s interim CEO, Scott Wagner, highlights the ongoing struggle for patients facing unexpected expenses. Biden’s administration continues to address the issue as the 2024 election approaches.



Read more at CNBC: Drug prices have risen almost 40% over the past decade