Americans and their insurers spent $722 billion on prescription drugs last year, with costs expected to rise by at least 10% in 2024. High drug prices, especially for new medications, are a major concern. Rachel Sachs, a health law expert from Harvard, highlights the challenges patients face due to escalating costs, especially for those on Medicare and Medicaid. She argues that increasing competition, through generic and biosimilar drugs, could help lower prices and improve affordability. Click here for article.
Americans and insurers spent $722 billion on prescription drugs in 2023, with costs projected to rise by 10% in 2024.
High prices for new medications and a lack of competition are driving up costs, making drugs unaffordable for many, including seniors.
Public payers like Medicare struggle to negotiate lower prices due to program structures, allowing drug prices to rise faster than in other countries.
Sachs advocates for increasing competition through generics and biosimilars to lower prices, while balancing the need for pharmaceutical innovation.
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