US drug spending to top $370B this year, Fitch Solutions says

U.S. spending on pharmaceuticals will increase 2.5 percent to $370.8 billion in 2019, according to a new report by Fitch Solutions Macro Research. Last year, pharmaceutical spending hit $361.6 billion.

The $370.8 billion in 2019 would account for 10 percent of overall health expenditures in the nation.

Fitch Solutions said Medicare is on course to become the leading payer for prescription drugs in the U.S. and forecasts out-of-pocket spending to become more common this year because of the removal of a penalty for not having insurance.

The report also estimates the U.S. pharma sales will reach $420 billion in 2023, accounting for 9.7 percent of overall health expenditures.

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