U.S. Continues to Hold Highest Prescription Drugs Costs Nationally

Prescription drug prices in the U.S. continue to topple prices around the world. According to a RAND Corporation report, prices in the U.S. are averaging 2.56 times those seen in 32 other nations, according to a new RAND Corporation report.

The most recent data on prices for prescription drugs in the U.S. was collected in 2018, which reported a 256 percent higher cost of drugs than 32 comparison countries. 

High prices for brand name drugs

For brand-name drugs, U.S. prices were a costly 3.44 percent higher than other nations. But for generic drugs, they were only 84 percent of the average paid in other nations. Prices for unbranded generic drugs have been slightly lower in the U.S. than in most other nations. But that is not saying a lot. 

“Brand-name drugs are the primary driver of the higher prescription drug prices in the U.S.,” said Andrew Mulcahy, lead author of the study and a senior health policy researcher at RAND. “We found consistently high U.S. brand name prices regardless of our methodological decisions.”

Missing data

Although several prior studies compared drug prices in the United States with those in other countries, the most recent of these studies used data that are almost a decade old. Some pharmaceutical experts do not think it’s a coincidence that prescription cost data remains missing. 

What do you think? Are you struggling to pay your prescription drug costs? Read more about how to lower your Medicare Part D costs here

Related Sources:

2021 Medicare Part D Costs: What Will Your Prescriptions Cost?

Seniors: 10 Ways You Can Save on Prescription Drug Costs

Seniors: Should You Be Mail Ordering Your Prescriptions?

Almost 450 Drug Prices to Increase in 2020

 

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