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Prescription drugs play a vital role in the U.S. healthcare system, enabling Americans to live longer, higher-quality lives. However, the growing cost of those drugs presents a significant challenge to the quality and affordability of healthcare in the United States.
U.S. spending on prescription drugs has risen substantially in the past 20 years, climbing from $122 billion in 2000 to $348 billion in 2020. Furthermore, the Centers for Medicare and Medicaid Services project that such spending will continue to grow, rising to $567 billion by 2030 — an increase of 63 percent.
That growth in spending can be attributed to many factors, including the number and type of drugs prescribed. Some common reasons include:
While prescription drugs can help improve health outcomes in the United States, the rising cost of those drugs can place a financial strain on American families and the country’s fiscal health. Moving forward, containing prescription drug costs will be a vital issue as our country continues to recovers from the pandemic and turns its attention toward addressing the long-term fiscal challenge.
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