New Report Shows Prescription Drug Price Hikes
Force Hospitals to Pay More for Medication
Washington, DC– A new report out today from the American Hospital Association and Federation of American Hospitals shows that inpatient drug spending by hospitals increased an average 23.4 percent annually between 2013-2015. The analysis also found that over 90 percent of hospitals surveyed reported that inpatient drug price hikes had a moderate to severe effect on their ability to manage costs.
“Rising drug prices are making trips to the hospital more expensive no matter where you live,” said John Rother, executive director of the Campaign for Sustainable Rx Pricing (CSRxP). “It’s price gouging on the most vulnerable, pure and simple, and Americans are fed up.”
The American Hospital Association and the Federation of American Hospitals are members of CSRxP, a partnership of hospitals, physicians, nurses, consumers, health plans, pharmacists, and employers working to curb rising prescription drug prices. The Campaign unveiled a set of market-based solutions earlier this year that would help fix the broken prescription drug market and bring down prices by focusing on increasing competition, transparency and value.
“Consumers deserve open and honest information on drug pricing and more choices in the market,” Rother continued. “We need solutions that deliver more information on cost and quality and more competition to speed new medicines to patients – while lowering costs.”