Prescription Drug Spending Slowing
CMS data shows prescription drug spending growth is stable and heading in the right direction.
Rx Drug Spending: Annual Percentage Change
Recent data from the Centers for Medicare & Medicaid Services (CMS) shows that prescription drug spending growth is slowing-from 9% growth in 2015 to 5% in 2016.
Prescription Drugs Projected to Remain Small Percent of Overall Healthcare Costs
CMS also projects that prescription drug spending will grow in line with overall health care spending through at least 2024.
Patent Expirations Driving Savings in Prescription Drugs over Next Five Years
A recent report from the QuintilesIMS Institute shows that competition in the market and expiring patents will produce substantial savings on prescription drugs in coming years. New competition from generic and biosimilar drugs over the next five years will reduce prescription drug spending by $143.5 billion, a 58% savings increase over the $91 billion in savings from 2012-2016.