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Price increases for prescription drugs: 2016-2022
Price increases for prescription drugs: 2016-2022
- Collection:
- Health Policy and Services Research
- Series Title(s):
- ASPE issue brief
- Author(s):
- Bosworth, Arielle, author
Sheingold, Steven, author
Finegold, Kenneth, author
De Lew, Nancy, author
Sommers, Benjamin D., author - Contributor(s):
- United States. Department of Health and Human Services. Office of the Assistant Secretary for Planning and Evaluation. Office of Health Policy, issuing body.
- Publication:
- Washington, D.C. : Assistant Secretary for Planning and Evaluation, Office of Health Policy, September 30, 2022
- Language(s):
- English
- Format:
- Text
- Subject(s):
- Drug Costs -- trends
Prescription Drugs -- economics
United States - Genre(s):
- Technical Report
- Abstract:
- High prescription drug prices create affordability challenges for patients and the health care system. Among existing products, increases in average prices over time have added to these challenges. Most prescription drug price increases occur in either January or July each year, with the greatest number taking place in January. The number of increases in both months during 2022 was higher than in previous years. In January 2022, the average price increase was nearly $150 per drug (10.0 percent), and in July 2022, it was $250 (7.8 percent). The dollar increases were larger than for the same months in previous years. In 2022, several drugs increased theirlist prices by more than $20,000 or by more than 500 percent. There were 1216 products whose price increases during the twelve-month period from July 2021 to July 2022 exceeded the inflation rate of 8.5 percent for that time period. The average price increase for these drugs was 31.6 percent. The Inflation Reduction Act introduces a new requirement for manufacturers to pay rebates to Medicare for Part D drugs whose price increases exceed inflation, beginning October 1, 2022, which was designed to reduce the frequency and size of drug price increases.
- Copyright:
- The National Library of Medicine believes this item to be in the public domain. (More information)
- Extent:
- 1 online resource (1 PDF file (9 pages))
- Illustrations:
- Illustrations
- NLM Unique ID:
- 9918540086306676 (See catalog record)
- Permanent Link:
- http://resource.nlm.nih.gov/9918540086306676