Prescription Drug Price Continue to Rise in Double Digits

We’ve seen some health-related cost increases moderate in recent years, but prescription drug prices are still rising in double digits.

According to the latest figures from the OneRx National Drug Index, prescription drug prices rose 10.43% in 2015.

These numbers were presented by Truveris, a software firm that aims to “ Americans money by democratizing data and access across the prescription drug industry.”

While there have been some big advances in medicine in recent years, (the development cost for which are borne by consumers), the data shows that price increases are happening across the board.

The OneRx NDI shows prices increases across drug categories last year, branded drugs up 14.77% and specialty drugs up 9.21%. Generic drug price increases were relatively moderate, at 2.93%.

Truveris launched its OneRx app in August 2015 for use as a prescription drug savings tool. You can use it to accurately cost-compare drug prices at local pharmacies, and to find coupons for prescriptions.

The app also includes a drug discount card specifically for those without insurance. OneRx is free, HIPAA compliant and independently owned, Truveris said. It is currently available for download on iTunes and in the Google Play store.

Will prescription drug prices continue to rise this fast in 2016? A betting person would say, “probably.” So, people need all the help they can get to keep their own spending as low as possible.

Copyright Today’s Credit Unions