June 7 (UPI) -- Prices for newly marketed brand-name prescription drugs in the United States skyrocketed after 2008 and drove up patient care spending by more than half a trillion dollars in 2020, according to new numbers released Tuesday.
The study updated in JAMA shows significantly higher prices associated with brand-name drugs than when it was first published last year. Researchers examined brand-name drug manufacturers' price-setting practices that often can lead to higher premiums and unaffordable out-of-pocket costs for patients.
Tuesday's updated study analyzed 548 brand-name drugs new to the market between 2008 and 2021. It showed the average launch price increased by more than 20% per year, according to lead author Dr. Benjamin Rome at Brigham and Women's Hospital.
"Prices for new brand-name prescription drugs are increasing faster than price growth for other health care services, with detrimental effects for patient access and affordability," Rome said in a news release.
Rising out-of-pocket drug costs linked to increase in brand-name prices