Increases Due to Rising Prices and Prescriptions Filled
U.S. spending on prescription drugs rose 8.5 percent last year, slightly less than in 2014, driven mainly by growing use of ultra-expensive new drugs and price hikes on other medicines.
A report from data firm IMS Health estimates patients, insurers, government programs and other payers spent a combined $309.5 billion last year on prescription medicines.
The IMS Institute for Healthcare Informatics is forecasting that annual increases in U.S. prescription drug spending will slow to 4 to 7 percent through 2020, after rising around 10 percent in each of the past three years. It predicts spending will reach $370 billion to $400 billion in 2020.