Prescription drug prices lag inflation, according to new information from the Altarum November 2022 Health Sectors Economic Indicators Briefs. With inflation top of mind for policymakers at the state and federal level, the new report provides important data for our industry about the key drivers of healthcare costs.
Overall inflation is far outpacing healthcare costs, especially the costs of prescription medicines. The report reveals prescription drug price growth was 2.2%, after declining the previous year by 0.7% in October 2021. In contrast, overall Consumer Price Index (CPI) inflation was 7.7% in October 2022 (year over year).
Healthcare Categories with Price Growth Above the Healthcare Price Index (2.9%)
- Dental care (5.4%)
- Nursing home care (4.2%)
- Hospital services (3.5%)
Healthcare Categories with Price Growth Below Healthcare Price Index (2.9%)
- Prescription drugs (2.2%)
- Physician services (0.3%)
The Altarum analysis shows that…
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