By Naveen Athrappully Contributing Writer The increase in the cost of prescription medications has outpaced inflation over the past 10 years, according to the telemedicine platform GoodRx. A price tracker from GoodRx shows prescription drug prices between 2014 and May 2024 have risen by 37%, more than the 34.27% overall inflation during the same period, according to data from the U.
S. Bureau of Labor Statistics. “Policymakers and pharmaceutical manufacturers are making efforts to improve medication access and affordability, but costs continue to be a significant burden for many,” GoodRx said.
The total out-of-pocket spending for prescription drugs in 2024 year to date is $21 billion, with the average spending coming in at $16.26 per prescription. “Health care is often paid for by insurance, but more of the cost burden has been shifted to the consumer as prescription insurance coverage gets more complex and more restrictive,” GoodRx stated.
An analysis of Medicare Part D plans showed that the average insurance plan covered only 54% of the prescribed drugs. A GoodRx survey found that 1 in 4 Americans have at least one drug prescribed that their insurance policy does not cover. When individuals are forced to pay for medication, it worsens their financial situation and stress.
Many Americans had a prescription that was sent to the pharmacy but not filled — the most common reason being that it was “too expensive,” the survey indicated. “This finding is alarming giv.
