Annual spending on pharmaceutical products has skyrocketed since 2010, though out-of-pocket costs have fallen, according to a Feb. 28 report from ValuePenguin.
The financial research and analysis website analyzed 2019 prescription drug spending data from the U.S. Bureau of Economic Analysis and the Kaiser Family Foundation, along with population data from the U.S. Census Bureau.
Five report findings:
1. U.S. spending on prescription and over-the-counter medications hit $570 billion in 2020, up 77 percent from $322 billion in 2010.
2. During this time period, drug spending rose the most in the District of Columbia (117 percent), followed by Colorado (110 percent) and Texas (110 percent).
3. Out-of-pocket costs for prescription drugs fell from $48 billion in 2010 to $47 billion in 2020.
4. The average U.S. household spent $4,571 dollars on prescriptions in 2019.
5. Prescription drug spending was highest in Delaware at $6,513 per household, followed by Kentucky ($6,033) and Tennessee ($6,007).
View the full report here.