New report predicts prescription drug price increases will slow

Regardless of whether a patient buys their medications from a Canadian internet pharmacy or their local drugstore, they likely paid less for their medications last year than in previous years.

Regardless of whether a patient buys their medications from a Canadian internet pharmacy or their local drugstore, they likely paid less for their medications last year than in previous years. A new study indicates that growth in prescription drug prices slowed significantly last year.

Pharmacy benefits management company Express Scripts reported that prescription drug prices climbed 2.7 percent in 2011, which is the slowest growth rate in 18 years, according to the Associated Press.

The authors said that the new availability of several generic medications was one of the primary reasons for lower cost increases. Both Lipitor and Zyprexa, two of the top selling medications in their respective classes, lost their patents last year, which left many patients looking for less expensive generic versions, the news source reports.

The U.S. spent $2.3 billion on prescription drugs in 2010, according to a recent study published in the journal Health Affairs. While this number may have increased since that time, cost hikes may be slowing, which could come as good news to consumers.

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New report predicts prescription drug price increases will slow