The Average American Spends This Much on Prescription Drugs

If you've noticed an increase in your prescription drug costs, you're not alone

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Jun 07, 2017, 07:30 ET

LOS ANGELES, June 7, 2017 /PRNewswire/ -- Drug prices in the U.S. are rising at a rate that's outpacing inflation. So, what's the driving force behind the recent drug price hikes? Personal finance news and features website GOBankingRates uncovered the reasons for increasing costs within the prescription drug industry.

View the full study here.

Yes, Americans Are Spending More

List prices for brand drugs rose 10.7 percent in 2016.
Pharmacy costs for employer health insurance providers have increased 21 percent in the past 10 years.

Prescription Drug Use Is Rising

Research found that 47.3 percent of Americans took at least one prescription drug in the last 30 days between 2009 to 2012, compared to just 39.1 percent of people between 1988 to 1994.
10 percent of people in a CDC survey had used five or more prescription drugs in the past month.

Specialty Drugs Are More Expensive

The largest area of growth between 2014 and 2015 was in medications used to treat rare diseases.
Specialty medications are among the most expensive drugs on the market. A new hepatitis C drug costs $1,000 per pill. Another hepatitis C medication costs a whopping $54,300.

Our Experts Have Recommendations for How to Save on Prescriptions

GOBankingRates spoke to experts for their tips on how to save. Recommendations included cost-saving apps, shopping tips, and coupon strategies.

About GOBankingRates

GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money, to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us here.

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SOURCE GOBankingRates