posted by Michael Lambert
on December 6, 2016
Newly published data from the Centers for Medicare and Medicaid Services show that spending on prescription drugs largely outpaced spending in other areas of health care, increasing 9 percent to $324.6 billion nationwide in 2015. It “outpaced all other services,” according to the report.
These figures show a very clear problem for consumers in the health care marketplace. As prescription drug prices increase well above market inflation, consumers are left with the difficult choice of sacrificing other needs to be able to afford their medications. These sacrifices are made all while given little to no explanation from the pharmaceutical industry regarding why the price of their prescriptions rose so suddenly and dramatically.
Health plans continue to work to protect their customers from these increasing drug prices. Through cost sharing limitations and more comprehensive coverage, health plans are working hard to ensure that consumers continue to have affordable access to their prescriptions.
With no end in sight for skyrocketing drug prices, health care providers and consumers will continue to ask the pharmaceutical industry: When will they become part of the solution to this huge problem?