Prescription drug spending growth is projected to accelerate to 6.8 percent this year, according to a recent report from CMS' Office of the Actuary published in Health Affairs.
Here are five things to know about prescription drug spending from 2013 through 2015, according to the report.
1. Prescription drug spending is expected to have increased by 3.3 percent in 2013, and to have accounted for approximately $272.1 billion of health expenditures.
2. In 2013, use of prescription drugs is estimated to have increased by 1.6 percent.
3. Prescription drug spending growth is projected to increase more drastically in 2014 than it has in the last few years, with a 6.8 percent increase in spending.
4. The increase in prescription drug spending in 2014 is primarily due to the increased use of prescription drugs by those who have gained health coverage under the Patient Protection and Affordable Care Act. Additionally, the high price tag of some specialty drugs, including Gilead Sciences' hepatitis C drug Sovaldi, are expected to contribute to an acceleration of drug spending growth in 2014.
5. Prescription drug use is expected to continue to increase in 2015 due to more of the population gaining insurance coverage through the marketplaces and Medicaid. Prescription drug spending is expected accelerate 6.4 percent in 2015.
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