Prescription drug prices surged nearly 9% in 2016

Rising prescription drug prices continue to outpace general inflation, according to the Truveris National Drug Index.

The Truveris NDI, a weighted price index, measures total prices paid for prescription drugs by consumers, along with commercial and federal health plans. The index represents a weighted average for generic, brand name and specialty drug spend, according to Truveris.

Here are four index findings, as stated in the release.

1. Average prescription drug prices climbed approximately 58 points last year, or nearly 9 percent. This increase marks the fourth consecutive year of inflation above 8 percent and an average annual price increase of nearly 10 percent over the last three years, according to the release.

2. In 2016, prices for branded drugs increased approximately 45 points, or nearly 13 percent. Generic drug prices increased 0.50 points, or 0.32 percent, and prices for specialty drugs increased approximately 12 points, or nearly 8 percent.

3. The Truveris NDI indicates drug prices for the first quarter of 2017 continue to outpace general inflation, rising approximately 2 percent, according to the release.

4. Drug prices inflated 318 percent more than the price of U.S. household goods in 2016, based on data from the U.S. Department of Labor's Consumer Price Index.

Read the full release here.

 

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