GoodRx, a prominent prescription savings platform in the U.S., has launched its new Prescription Cost Tracker to monitor trends in out-of-pocket spending on medications. This initiative aims to enhance understanding of prescription affordability and price transparency among Americans. The tracker, regularly updated with current data, highlights three primary factors contributing to financial burdens in prescription costs:
- High Medication Costs: Despite efforts by policymakers and pharmaceutical manufacturers, medication expenses remain a significant challenge. Key findings include:
- $21 billion spent out-of-pocket on prescriptions in 2024.
- Average out-of-pocket expense of $16.26 per prescription.
- A 37% increase in the list price of prescription medications since 2014.
- Reduced Insurance Coverage: Insurance coverage for medications, including Medicare and commercial plans, has declined, exacerbating cost concerns:
- Only 54% of medications covered by Medicare plans.
- 50% of Medicare-covered medications subject to insurance restrictions like step therapy or prior authorization.
- 25% of Americans have at least one prescription not covered by insurance.
- Increased Friction: Patients face growing challenges navigating insurance obstacles and supply shortages:
- 41 million Americans lack adequate access to a pharmacy.
- 51 million Americans leave prescriptions unfilled each month.
- 20% experience out-of-stock prescriptions.
Scott Wagner, Interim CEO of GoodRx, emphasized, “Despite efforts to address affordability and accessibility, out-of-pocket costs for patients continue to rise unexpectedly. GoodRx is committed to promoting affordability and transparency.” The Prescription Cost Tracker serves as a dynamic, user-friendly resource to empower consumers in managing healthcare costs.
For more information and to access the GoodRx Prescription Cost Tracker, visit goodrx.com/out-of-pocket-costs.
