Did you know that global spending on prescription drugs will reach nearly $1.8 trillion by 2026?  The United States alone will spend up to $715 billion, according to the IQVIA Institute for Human Data Science . Download a helpful infographic that covers the rising cost of prescription drugs. Plus, get six strategies on how you can mitigate the financial burden of these rising costs. As always, if you have any questions, don’t hesitate to contact us today ! Our team of experts can help you navigate employee benefit plans and their associated components.

A 2021 CDC study found that 8.2% of Americans aged 18 to 64 skipped, delayed or reduced the amount of their prescription medications because of cost concerns. The National Health Interview Survey revealed that to reduce expenses, 9.2 million adults were not taking medication as prescribed. According to the report, about 60% of adults age 18 and older took at least one prescription medication, with 36% taking three or more. Out-of-pocket costs on retail drugs rose 4.8% to $63 billion. Since high costs limit many Americans’ ability to take their medications as prescribed, these patients may require additional treatment. 6 prescription drug cost key takeaways While this study was conducted in 2021, key takeaways are still applicable today due to rising prescription drug costs. Consider the following findings: Women (9.1%) were likelier than men (7%) not to take medication as prescribed. The percentage of adults not taking medication as prescribed due to cost varied by race and origin: n

Healthcare costs are expected to grow 5.6% for a hypothetical family of four from 2022 to 2023, according to the 2023 Milliman Medical Index . That’s an increase from $29,424 to $31,065. This year-over-year growth is increasing pressure on employers to provide employees with health coverage at an affordable price. One strategy your organization can look into is prescription drug coverage. Over the past month, HANYS Benefits Services has put the spotlight on how changes in coverage could help your company save and boost employee health in the long run. Read our Benefits Toolkit: Prescription Benefits Drugs for a comprehensive synopsis. Then, top it off with our additional prescription drug and alternative therapies resources: Prescription drug pricing trends ; How prescription drug importation can lower drug prices ; What you should know about biolsimilars ; and Managing costs with cell and gene therapy . If you have questions or need assistance, contact us today . Our dedicated team o

There’s an uptick in prescription drug pricing trends. As drug costs continue to increase, it’s important for employers to understand why prescription prices are rising and what cost-cutting solutions are available to manage expenses. Prescription drug cost drivers Although prescription drug spending has historically been a small proportion of national healthcare costs compared to hospital and physician services, it has grown rapidly in recent years. According to CMS, prescription drug spending increased 7.8% to $378.0 billion in 2021, up 3.7% from the previous year. A recent study found that “In 2022, overall pharmaceutical expenditures in the US grew 9.4% compared to 2021, for a total of $633.5 billion. Utilization (a 5.9% increase), price (a 1.7% increase) and new drugs (a 1.8% increase) drove this increase.” These results illustrate increasing prescription drug spending, especially with new, specialty and cancer drugs. Employers will have to watch for a predicted rise of 6% to 8%