NEW YORK--(BUSINESS WIRE)--Amidst increasing consumer concerns and mounting scrutiny from lawmakers, a new report indicates prescription drug prices rose 10.43 percent in 2015 – continuing to squeeze American household budgets and adding fuel to the debate surrounding soaring healthcare costs.
"Even as pressures mount, the trend of rising costs shows no signs of stopping, making it critical for consumers to take matters into their own hands to control their healthcare spending."
The figures were released as part of the OneRx® National Drug Index® (NDI®)1, the only prescription drug price index in the U.S. that measures the average price of prescription drugs, driven by the most commonly prescribed medications.
Calculations showed prices increased across drug categories, similar to figures reported last year, with branded drugs up 14.77 percent, specialty drugs up 9.21 percent and even generic drugs rising 2.93 percent.
While prices rose across nearly all therapeutic classes, certain conditions fared worse than others. Across composite calculations of brand, generic and specialty drugs, notable rises included: symptoms of menopause (33.87 percent); gout (33.15 percent); and erectile dysfunction (20.06 percent).
"These new figures underscore growing concerns about the increasingly prohibitive costs of prescription medications – a matter that prompted extensive debate in 2015 among presidential candidates, congressional representatives, healthcare providers and pharmaceutical executives," said AJ Loiacono, Co-Founder and Chief Innovation Officer of Truveris, a leading technology company bringing transparency across the prescription drug industry. "Even as pressures mount, the trend of rising costs shows no signs of stopping, making it critical for consumers to take matters into their own hands to control their healthcare spending."
From January to December of 2015, the newly released index shows:
• OneRx NDI Composite increased by 62.46 points or 10.43 percent
• OneRx NDI Brand increased by 45.3 points or 14.77 percent
• OneRx NDI Generic increased 4.5 points or 2.93 percent
• OneRx NDI Specialty increased 12.79 points or 9.21 percent
To provide much-needed help to consumers, Truveris launched the OneRx app in August 2015, making available the only prescription drug savings tool that factors in co-pay information across insurance networks, thus allowing users to more accurately cost-compare drug prices at local pharmacies. It is also the only app on the market that automatically amasses coupons for prescriptions. It further includes a drug discount card specifically for those without insurance.
"At Truveris, we believe tools – like the NDI and OneRx app – that improve price transparency play a critical role in empowering consumers who are too often left to navigate our complex, indecipherable and expensive healthcare system with little help or advocacy," said Mr. Loiacono. "With all of us poised to need healthcare over the course of our lives, we must embrace the resources at our disposal to ensure we can best educate ourselves and protect our finances."
Calculated monthly, the OneRx NDI provides a holistic measurement of the prices paid by private insurers, self-insured organizations, government, unions and uninsured patients.
Truveris is on a mission to save Americans money by democratizing data and access across the prescription drug industry. Our proprietary Software-As-A-Service platforms empower clients – from the individual patient to pharmacy benefits stakeholders – with the tools to more effectively and efficiently manage the complexity and rising costs of medications today. Truveris is backed by Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners, New Atlantic Ventures and First Round Capital. For more information, visit Truveris.com or contact us at [email protected].
1 The OneRx NDI was previously identified as Truveris NDI
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