Prescription drug spending spikes 12 percent, reaching nearly $300 billion
Prescription drug spending in the United States rose 12 percent in 2014, reaching nearly $300 billion, the latest issue of the Journal of Managed Care and SpecialtyPharmacy showed. That 12 percent figure is backed by a 2015 study by the Office of the Actuary at the Centers for Medicare and Medicaid Services, which claimed that the rise in prescription drug costs is one of the prime drivers of healthcare spending.
The recent spike in prescription drug spending has generated significant public outrage and calls for government intervention.
The 2014 drug spending increase is in stark contrast to the increase in 2013, which was only 2.4 percent. Prior to 2013, spending on prescription drugs had actually decreased year over year. The media has been quick to point out that $11.3 billion of the spending increase was attributed to hepatitis C drugs alone, said JMCP Editor-in-Chief Laura E. Happe.