Business
GoodRx Launches New “Prescription Cost Tracker” to Spotlight Key Factors Driving Out-of-Pocket Medication Costs in the U.S.
Consumers have paid $21 billion out-of-pocket on prescription medications in 2024, an average of $16.26 per prescription SANTA MONICA, Calif.--(BUSINESS
About this update from Goodrx Holdings, Inc.
[{"type":"text","content":"\nConsumers have paid $21 billion out-of-pocket on prescription medications in 2024, an average of $16.26 per prescription\n\n\n SANTA MONICA, Calif.--(BUSINESS WIRE)--\nToday, GoodRx (Nasdaq: GDRX), the leading prescription savings platform in the U.S., debuted its new Prescription Cost Tracker where it will monitor out-of-pocket prescription spending trends in the U.S. to help Americans better understand prescription affordability and price transparency. Helping Americans get the healthcare they need starts with tackling the barriers of costs and coverage, and there are three key factors driving the financial burden for prescriptions: high medication costs, reduced insurance coverage and increased friction. The Prescription Cost Tracker, which will be regularly updated to reflect the latest available data, helps examine these factors and illustrate why 51 million Americans leave prescription medications unfilled every month and many more face high costs at the counter.\n\n\nHigh Medication Costs:\n\n\nPolicymakers and pharmaceutical manufacturers are making efforts to improve medication access and affordability, but costs continue to be a significant burden for many. GoodRx found:\n\n\n\n$21 billion has been spent out-of-pocket on prescriptions so far in 2024\n\n\n\n$16.26 average out-of-pocket spent per prescription\n\n\n\n37% increase in list price for all prescription medications since 2014\n\n\n\nReduced Insurance Coverage:\n\n\nHealthcare is often paid for by insurance, but more Americans are caught in a “Big Pinch” as insurance plans — both Medicare and commercial — cover fewer medications and add more restrictions on coverage:\n\n\n\n54% of medications are covered by insurance (based on Medicare plans)\n\n\n\n50% of medications that are covered by Medicare have an insurance restriction (e.g. step therapy, prior authorization)\n\n\n\n25% of Americans have at least one prescription not covered by insurance\n\n\n\nIncreased Friction:\n\n\nDifficulty navigating insurance hurdles and supply shortages have created more and more obstacles for patients. GoodRx found:\n\n\n\n41 million Americans lack proper access to a pharmacy\n\n\n\n51 million Americans leave a prescription at the pharmacy every month\n\n\n\n20% of Americans have an out-of-stock prescription\n\n\n\n“Despite efforts by policymakers and industry leaders to break...