Since 2014, prescription drug costs have continued to rise, due in part to specialized medications for advancements in the treatment of various medical conditions. While these advancements have proven beneficial to patients, they continue to arrive with a hefty price tag. The Kaiser Family Foundation released a detailed analysis regarding prescription drug costs. The figures might surprise you, as they include figures comparing the United States’ prescription drug costs with those of other countries. Below are bulleted figures from the KFF report:
In 2014, prescription drug cost spending rose 11.4%, up almost 10% from the previous year. This increase had not been previously been observed since 2003.
Specialty drug costs saw an increase to 30.9% in 2014, 14.1% in 2013. Comparatively, traditional drug costs only grew to 6.4% in 2014.
Over the course of ten years—from 2004 to 2014—Medicare has increased its funding of prescription drug costs from 2% to 29%. Out of pocket spending has decreased from 25% to 15%, as has private insurance spending from 49% to 43%.
Individuals who take prescription drugs report that 45% of them find the costs to be very easy with 27% somewhat easy. 8% find the costs to be very difficult, and 16% somewhat difficult.
The medication Humira, used to treat a number of ailments from Crohn’s Disease, arthritis, and plaque psoriasis, costs 14% more in the United States than is does in Canada. The cost of Humira is marginally lower in European countries—some by well over 50%. Likewise, the tumor treatment drug Enbrel costs 35% more in the United States than it does in Canada.
86% of Americans feel drug companies should release information on setting drug prices, while 83% suggest Medicare should negotiate to lower those prices. 76% feel that prices should be fixed for the treatment of diseases including Hepatitis and Cancer, while 72% want Americans to be allowed to import their prescriptions from Canada.
To view the full Kaiser Family Foundation analysis, click here.
