What goes up and up? American’s spending for prescription drugs

April 19, 2022

It’s hard to imagine how much $576.9 BILLION really is. But we do know that’s how much consumers in the United States spent on prescription drugs last year.

That total reflected a 7.7% increase over 2020, according to a report published by Fierce Healthcare.

Is there any relief in sight?

Likely not. Numbers from the American Society of Health-System Pharmacists indicate our collective Rx spending will rise another 4% to 6% in the year to come.

Increased spending for prescription drugs was driven, in large part, by the wider use and higher prices of new drugs. The COVID-19 treatment remdesivir was the leading expense for hospitals.

There is some hope on the horizon, as experts expect new, lower-cost generic drugs will come to market as more-expensive brand-name drugs lose their patent protection.

Fingers-crossed. How have you been affected by rising Rx prices? Share your experience with Voices for Affordable Health.