Americans spent 7 percent more money on prescription drugs in 2016 than in 2015, presenting the largest increase since 1992, according to a report from the Bureau of Labor Statistics.
BLS tracks a representative sample of prescription drug costs on the market, measuring the actual amount people pay for the drugs, not list prices, according to Business Insider.
While healthcare experts cannot confidently identify the reason behind this spike, Yale economist Fiona Scott Morton, PhD, believes pricey biologic drugs may be fueling costs, reports Marketplace.
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