New numbers released today by Standard & Poor’s (S&P) show that soaring drug costs are a major reason for increased health care costs.
S&P’s research found that drug costs increased by a whopping 15.83 percent in 2015.
“Annual prescription price hikes are driving the overall increase in health care costs and making health care less affordable for Americans. Today’s S&P report confirms what we’ve been saying — these increases in drug cost are unsustainable — and solutions to promote transparency, increase competition, and focus on value must be advanced,” said John Rother, executive director of the Campaign for Sustainable Rx Pricing (CSRxP).
S&P found that prescription drug costs rose more steeply in 2015 than the previous year. In 2015, prescription drug prices went up 15.83 percent, even higher than the 12.58 percent increase in 2014. By comparison, the cost of medical services increased 4.30 percent in 2015.