Drug manufacturers may change the list prices of their drugs at any time after launch. Over the period from January 2022 to January 2023, more than 4,200 drug products had price increases, of which 46 percent were larger than the rate of inflation. The average drug price increase over the course of the period was 15.2 percent, which translates to $590 per drug product.
Prescription Drug Benefits
Reports
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Inflation Reduction Act Research Series: Projected Impacts for Asian, Black, and Latino Medicare Enrollees
The Inflation Reduction Act (IRA) is helping people with Medicare afford their medications, including the 2.1 million Asian, 5.8 million Black, and 5.3 million Latino Part D enrollees. These fact sheets review existing research to present the projected impacts of key IRA Medicare drug-related provisions for these populations.
Fact Sheet, Report
Inflation Reduction Act Research Series: Trends in Utilization and Spending for Drugs Selected Under the Medicare Drug Price Negotiation Program
The Inflation Reduction Act (IRA) authorizes the Secretary of the Department of Health and Human Services (HHS) to negotiate prices directly with participating manufacturers for selected drugs that are high expenditure, single source drugs without generic or biosimilar competition.
Report
The Inflation Reduction Act of 2022: One Year Anniversary Highlights from ASPE Drug Pricing Reports
Introduction
Report
Inflation Reduction Act Research Series: Medicare Part D Enrollee Out-of-Pocket Spending: Recent Trends and Projected Impacts of the Inflation Reduction Act
The Inflation Reduction Act (IRA) will make key changes to improve drug affordability for people who have Medicare.
ASPE Issue Brief
Medicare Part B Drugs: Trends in Spending and Utilization, 2008-2021
The U.S. Department of Health and Human Services (HHS), Office of the Assistant Secretary for Planning and Evaluation (ASPE) released new research on spending and utilization trends of Medicare Part B drugs, drugs administered in physicians' office or hospital outpatient departments rather than being purchased at the pharmacy counter or by mail order.
ASPE Data Point
Insulin Affordability and the Inflation Reduction Act: Medicare Beneficiary Savings by State and Demographics
Effective January 1, 2023, out-of-pocket costs for insulin are capped at $35 per monthly prescription among Medicare Part D enrollees under the Inflation Reduction Act (IRA). A similar cap takes effect in Medicare Part B on July 1, 2023.
Report to Congress
Report to Congress on the Affordability of Insulin
This Report to Congress examines the critical role that insulin plays in the treatment of diabetes, reviews evidence on how insulin affordability affects adherence to insulin treatment and affects downstream health consequences, and describes policy efforts to improve the affordability of insulin.
ASPE Issue Brief
Trends in Prescription Drug Spending, 2016-2021
High prescription drug costs are a leading concern among Americans. Americans pay higher prices for prescription drugs than any other country in the world, with prescription drug prices in the U.S. more than 2.5 times as high as those in other similar high-income nations.
Price Increases for Prescription Drugs, 2016-2022
Prescription drug price increases create affordability challenges for patients and for the government. This report tracks drug price changes from 2016-2022. There were 1,216 products whose price increases during the twelve-month period from July 2021 to July 2022 exceeded the inflation rate of 8.5 percent for that time period. The average price increase for these drugs was 31.6 percent.