US drug prices 256% higher than other countries, study shows

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U.S. drug prices are about 256 percent higher than those in other countries, according to a study released Jan. 28 by the global policy think tank RAND Corp.

The study, which is based on 2018 data, also found that U.S. drug spending increased by 76 percent between 2000 and 2017, with drug costs expected to jump even higher over the next decade.

It also found that U.S. prices for brand name drugs were an average of 3.44 times higher than other countries' prices. However, U.S. prices for generic drugs were lower, averaging only 84 percent of other countries' prices.

Total drug sales for all 33 countries examined in the study came to $795.2 billion. The U.S. accounted for 58 percent of these sales, even though drug sales from the country made up just 24 percent of the volume.

Prescription drug spending accounts for more than 10 percent of all U.S. healthcare spending, according to the study.

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