Prescription drug spend has always been a concern in this industry and there is no doubt drug spending has increased significantly over the last five years, especially with weight loss drugs gaining popularity. According to a new study, from January 2022 to January 2023, an average price increase of $590 occurred for more than 4,200 drugs.
The study from Definitive Healthcare explored prescription claims from 2023 and found the states with the most prescription spending. Texas ranked at the top with a whopping 11.17% of their health care spend going to prescription drugs. California came in second with 8.10% and New York trailed behind California with 4.40% spending.
PBMs continue to get called out by benefits advisors, news outlets, and the U.S. government for the absurd and unfair price hikes. Statistics like these ensure that the scrutiny and conversations around drug pricing won't die down anytime soom.
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