Drug prices have risen almost 40% over the last decade, according to a new tracker

The cost of prescription medications in the U.S. has risen by 37% since 2014, surpassing inflation. Despite price increases slowing down this year, the average American spends $16.26 out of pocket per prescription. Americans pay 2 to 3 times more for prescription drugs than consumers in other developed countries. Rising copays, coinsurances, and deductibles contribute to the growing expenses for patients. Insurance coverage has reduced, making it harder for people to access medications. President Joe Biden has taken steps to lower out-of-pocket drug costs, including lowering prices on 64 prescription drugs for some Medicare beneficiaries.