It’s well documented that Americans pay high prices for health care. But do they pay double or more for prescriptions co
If you went “anywhere in the world,” you could get a prescription filled for 40% to 60% less than it costs in the U.S.American per capita spending on pharmaceuticals is nearly three times the average of other advanced, industrialized countries that comprise the Organization for Economic Co-operation and Development.
He followed up by touting provisions in the 2022 Inflation Reduction Act to lower drug prices, including capping insulin atto $2,000 per year starting in 2025. The law also authorized Medicare to negotiate prices directly with drug companies for 10 prescription drugs, a list that will expand over time.
People with health insurance pay prices that include both markups and discounts negotiated with insurers. Uninsured people may pay a pharmacy's"usual and customary" price — which tends to be higher than net prices paid by others— or a lower amount using a manufacturer discount program. But many of these adjustments are confidential, making it hard to quantify how they affect net prices.of 20 brand-name drugs in the U.S., Canada, Australia and France.
The Peterson-KFF report, using 2019 OECD data, found that the U.S. spent about $1,126 per person on prescription medicines, higher than any peer nation, with comparable countries spending $552. This includes spending by insurers and out-of-pocket consumer costs. He exaggerated by saying"anywhere in the world," but for comparable high-income, industrialized countries, he’s mostly on target.
Email interview, Michelle Mello, law and health policy professor at Stanford University, Feb. 27, 2024If you went “anywhere in the world,” you could get a prescription filled for 40% to 60% less than it costs in the U.S.
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