Prescription drug prices in the United States (US) have climbed over the past decade, with a rate far surpassing inflation, based on statistics from drug savings provider GoodRx.

Financial Strain From Rising Drug Prices

Rising drug prices are increasing consumers' out-of-pocket expenditures, even though price hikes have been slower this year compared to the previous decade.  

Since 2014, US prescription drug prices have risen 37%. GoodRx's recent study shows that the typical American pays $16.26 for each prescription.

CNBC reported that Tori Marsh of GoodRx said that when prices go up, customers feel the pinch the most, whether they have insurance or not, particularly if they have a high-deductible plan.

According to GoodRx, an increasing number of patients are bearing a larger financial burden due to higher deductibles, copayments, and coinsurance.

In the last decade, the typical person's deductible has almost doubled, and copays are rising due to most plans introducing an additional category of medicines with higher copays.

The research also found that insurance coverage is declining, and prescription expenditures are rising. In an analysis of over 3,700 Medicare Part D plans from 2010 to 2024, the percentage of prescriptions covered decreased by 19%.

Read Also: Biden to Make 64 Prescription Drugs Cheaper as Part of Inflation Penalties on Drugmakers

Addressing Soaring Medication Costs

The White House reported that compared to other industrialized nations, Americans spend two to three times as much for prescription medications.

As the 2024 election draws near, President Joe Biden has shifted his attention to the rising expense of prescription drugs. His administration has implemented several programs to help people pay less for their medicine.

The White House said this week that the costs of 64 prescription medications will be reduced for some Medicare recipients due to inflation fines levied on pharmaceutical companies.

About 750,000 individuals use the medications annually, and the price cuts will take effect in the third quarter. Some customers are expected to save as much as $4,593 per day.

Read More: US Drugmakers, Medical Device Companies Urged by FDA to Improve Diversity in Clinical Trials