Drug Prices Rose Nearly 40 Percent Over Last Decade, Surpassing Inflation Rate, Tracker Shows

The increase in the cost of prescription medications has outpaced inflation over the past 10 years, according to telemedicine platform GoodRx. A price tracker from GoodRx shows prescription drug prices between 2014 and May 2024 have risen by 37 percent, more than the 34.27 percent overall inflation during the same period, according to data from the U.S. Bureau of Labor Statistics. “Policymakers and pharmaceutical manufacturers are making efforts to improve medication access and affordability, but costs continue to be a significant burden for many,” GoodRx said. The total out-of-pocket spending for prescription drugs in the 2024 year to date is $21 billion, with the average spending coming in at $16.26 per prescription....