Seven pharma executives will testify Feb. 26 before a U.S. Senate Finance Committee investigating the reasons for escalating prescription drug costs.
Before the finger-pointing begins, the Federation of American Hospitals released a fact sheet on drug cost findings presented in a recent study it released with the American Hospital Association and the American Society of Health System Pharmacies:
1. From 2015 to 2017, the average total drug spending per hospital admission increased by 18.5 percent.
2. During the same time period, outpatient drug spending per admission increased 28.7 percent, while inpatient drug spending increased 9.6 percent.
3. One in four hospitals cut staff to cope with the rising costs of drugs.
4. Almost 80 percent of hospitals found it "extremely challenging" to obtain drugs in shortage. About 80 percent also said that drug shortages resulted in increased spending.
5. Among drugs of all classes, hospitals experienced price increases in excess of 80 percent.
6. More than 90 percent of hospitals had to identify alternative therapies to cope with drug shortages or sharp price increases.
Find the full report here.