The increase in the cost of prescription medications has outpaced inflation over the past 10 years, according to telemedicine platform GoodRx.
"Policymakers and pharmaceutical manufacturers are making efforts to improve medication access and affordability, but costs continue to be a significant burden for many," GoodRx said. The total out-of-pocket spending for prescription drugs in the 2024 year to date is $21 billion, with the average spending coming in at $16.26 per prescription.
Many Americans had a prescription that was sent to the pharmacy but not filled -- the most common reason being that it was "too expensive," said the survey.
"This finding is alarming given that nonadherence, or not taking a medication as prescribed, can worsen chronic conditions," the company said.
"The high cost of medications can force people to make difficult choices between prioritizing their health and managing other essential expenses. In turn, this can potentially lead to poor health outcomes and increased costs in the long run."
"The overwhelming beneficiary of high drug prices in America is the pharmaceutical industry," he said. "The United States government does not regulate drug companies. With a few exceptions, the drug companies regulate the United States government."
Meanwhile, the CEOs blamed the healthcare system for large variations in list prices of medications. When Mr. Sanders asked Chris Boerner, CEO of Bristol Myers Squibb, whether the company would reduce the price of Eliquis, a blood thinner, in the United States to the same level as in Canada, the executive replied that it cannot be done.
Mr. Boerner pointed out that Canada and the United States have very different healthcare systems due to which the company cannot commit to equalizing the prices.
He noted that the pharma firm has paid billions of dollars in rebates to intermediates who "unfortunately do not go to lowering the price of medicines."
Sen. Bill Cassidy (R-La.) criticized Mr. Sanders's position on the issue saying he was cherry-picking examples from other countries. "I could cherry-pick the opposite," he said.
As the companies that produce the 64 drugs were deemed to have raised prices faster than the inflation rate, the coinsurance rate for these medications will be lowered, the Centers for Medicare and Medicaid Services stated.
"The Biden-Harris Administration will continue fighting to bring down the cost of healthcare and prescription drugs for all Americans," said White House Domestic Policy adviser Neera Tanden.