Prescription drug prices have surged almost 40% over the past decade

The cost of prescription drugs in the U.S. has surged nearly 40% over the past decade, easily outstripping the pace of inflation, according to a new study. Findings published by GoodRx, a drug savings company, show that the list price for prescription drugs has climbed about 37% since 2014. Although price increases have slowed this year, costs continue to pose a "significant burden" to many consumers. In 2024 alone, Americans have spent $21 billion on out-of-pocket prescriptions.

Despite various efforts by policymakers and pharmaceutical manufacturers to combat rising drug prices, the cost of medications remains a significant burden for many Americans," Marsh said. "Legislative attempts to cap insulin prices and manufacturer programs to provide discounts on expensive therapies have not led to a substantial decrease in overall drug costs.

Many families have yet to see material relief. Grocery prices are up more than 21% from the start of 2021, and shelter costs are up 18.37%, according to FOX Business calculations. Energy prices, meanwhile, are up 38.4.%. Price hikes are particularly devastating for lower-income Americans because they tend to spend more of their already stretched paychecks on necessities and, therefore, have less flexibility to save money.

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