In this article GDRX Follow your favorite stocks CREATE FREE ACCOUNT Mike Mergen | Bloomberg | Getty Images The cost of prescription medications in the U.S. has increased by 37% since 2014, far surpassing the rate of inflation, according to data from drug savings company GoodRx .
Though the price increases have slowed this year in comparison with the past decade, the higher costs are raising out-of-pocket expenses for consumers. The average American spends $16.26 out of pocket per prescription, according to the data.
"When things increase ...
inevitably, they do trickle down to consumers, especially those who are in a high deductible plan or who don't have insurance or find themselves paying substantially out of pocket," said GoodRx Director of Research Tori Marsh. GoodRx said the patients' share of the cost continues to grow due to rising copays, coinsurances and deductibles. The company found that over the last 10 years, the average person's deductible nearly doubled, and copays are rising as the majority of plans are adding another tier of drugs with higher copays.
It's a dynamic GoodRx deems "the big pinch." High medication costs are coupled with reduced insurance coverage. Analyzing coverage for over 3,700 Medicare Part D plans between 2010 and 2024, GoodRx found that the portion of medications covered dropped by 19% over that period.
"The impact is really kind of threefold," Marsh said. "Rising costs or rising prices are a big part of it, but it's really that with the c.
