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.”
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.
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