It’s commonly known that the cost of prescription drugs in the U.S. has been rising well above inflation, 7.5% in some cases. Ironically the current pandemic-driven inflation rate may technically put an end to that, though sadly it will not stop rising drug prices.
According to the IQVIA Institute, specialty drugs account for 53% and branded drugs account for 30% of the overall drug spend, most of which are still under patent with limited competition. However, generics and biosimilar drugs are available at a substantially lower price for some of these drugs, but surprisingly evidence shows that these lower cost options are often excluded from our formularies by the very vendor we entrust to manage our costs.
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