A new study finds that prescription drug prices in the United States have risen nearly 40% over the past decade, outpacing the rate of inflation over that period.
Price increases, which have soared 37% since 2014, have slowed this year, but rising costs continue to push consumers up their out-of-pocket expenses. This is according to data from drug-savings company GoodRx.
According to data from GoodRx, the average American pays $16.26 out of pocket for each prescription. CNBC reported:.
“For most Americans, the challenge of affordable medication isn’t a matter of drugs costing thousands of dollars,” Tori Marsh, director of GoodRx research, said in the published study. “The issue is finding that they can no longer afford their usual medications for chronic conditions and that their insurance doesn’t cover them as well as it used to.”
According to GoodRx, Americans are facing rising copays, coinsurance premiums and deductibles to cover the costs of prescription drugs.
For example, the average deductible has nearly doubled over the past decade, from $917 to $1,644, according to GoodRx.
Meanwhile, inflation has risen by 32.5% since 2014.
As insurance coverage gets tougher, the cost burden is passed on to consumers, and those restrictions are multifaceted, Marsh said.
According to GoodRx, about 54% of medications are covered by insurance, 50% of medications have insurance restrictions, and 25% of Americans do not have insurance coverage for at least one prescription drug.
“It’s really a three-fold problem: high costs, increased restrictions and increased friction — so it’s like people are jumping through hurdles to get their medicines,” Marsh told The Post.
She said barriers also include ease of access to pharmacies: 41 million Americans lack adequate access to a pharmacy, according to GoodRx.
Marsh called the expansion of these regulations a “big pinch” because insurance coverage has been steadily narrowing while the need remains.
A GoodRx study of more than 3,700 Medicare Part D plans from 2010 to 2024 found that the amount of drugs covered by insurance fell 19%.
“Despite various efforts by policymakers and pharmaceutical companies to combat rising drug prices, drug costs remain a significant burden for many Americans,” Marsh said in the published study. “Legislation capping insulin prices and pharmaceutical company programs offering discounts for high-cost treatments have not translated into significant reductions in overall drug costs.”
President Biden has placed a strong focus on drug prices, especially as this year’s election approaches.
During Thursday night’s debate, Biden asserted that his administration has “lowered prescription drug prices,” lowering insulin injections to $15.
NBC This statement was fact-checkedand other remarks from Biden and former President Donald Trump that night, reported that Biden has indeed capped the cost of insulin under Medicare to $35 a month.
Previously, the president The American Rescue Plan and the Inflation Control ActBoth were aimed at lowering prescription drug costs and health insurance premiums.
According to the White House, “More Americans have health insurance than under any other president and have stronger protections against surprise medical bills and junk charges.”
The Biden administration on Wednesday announced the move in its latest effort to combat soaring prescription drug costs. Impose an inflation penalty According to NBC, the company plans to ease restrictions on 64 prescription drugs in the third quarter of this year in an effort to reduce costs for some older Americans on Medicare.
Despite efforts, the high cost of prescription drugs appears to be a uniquely American problem. Americans pay two to three times more According to the White House, Americans pay lower prices, on average, for prescription drugs than consumers in other developed countries.
And unfortunately, there doesn’t seem to be a clear solution.
“I wish we knew the answers,” Marsh told The Post, “but this is a very systemic issue. It’s not just about price. It’s not just about insurance. It’s not just about access. It’s a combination of everything.”
