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Prescription drugs have the fastest rising prices in health care

Patents make big profits for Big PharmaDrug price increases are outpacing any other health care service, according to a new analysis from GoodRx.

The findings, reported by Fierce Healthcare, found that drug prices have increased by a whopping 33 percent since 2014. That’s well ahead of the average price increase for all medical services, which is 14 percent since 2014.

“The biggest takeaway is obviously that prescription drugs are rising beyond any of the other health care services,” said Tori Marsh, director of research at GoodRx, an online company that offers discount coupons and pricing for prescription drugs.

The data also show a 30 percent jump in costs for inpatient hospital care since 2014. Other types of services the researchers analyzed include nursing home care and dental services, which increased by 23 percent and 18 percent respectively  the past six years.

“It’s important for consumers to understand that they need to kind of be educated and informed consumers for their health care,” Marsh said. “It’s often not easy, and it requires a little bit of due diligence on their part.”

Marsh told Fierce Healthcare that she doesn’t see an immediate future where drug companies lower prices in any significant way.

Have you seen any of your prescriptions jump in cost? Share your story with Voices for Affordable Health.