As Trump battles Congress, U.S. drug spending is projected to eclipse $370 billion
, a division of Fitch Ratings, comes as Congress and the Trump administration examine ways to reign in the rising cost of prescription drugs. Regulations thus far haven't done much to reign in the rising cost of prescription drugs, according to the Fitch analysis which projects health expenditures through the next five years.
A primary focus of Congress and the Trump administration should be the Medicare health insurance program for the elderly as more than 10,000 baby boomers turning 66 every day become eligible for such health benefits. The Fitch analysis indicates there have been high profile hearings bringing drug makers and pharmacy benefit managers before Senate and House committees but no legislation has gained a consensus.
Meanwhile, private health insurance isn’t expected to contribute “significantly to growth in prescription drug expenditures,” though policy moves by the Trump administration and Republicans in Congress are expected to hit Americans with higher out of pocket costs.
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