iLoveBenefits: Industry News Blog

Recent data about the US population from the CDC

  • POPULATION: The U.S. population grew from 216.0 million to 321.4 million between 1975 and 2015.
    • The number of Americans aged 65 and over increased from 22.6 million to 47.8 million during 1975–2015.
    • In 1980, 20.1% of the population identified as racial or ethnic minorities; by 2015, 38.4% of the population identified as racial or ethnic minorities.
    • During 1975–2015, children under 18 were more likely to live in poverty than adults aged 18-64, and adults 65 and over.
    • The rural (nonmetropolitan) share of the population declined between 1970 and 2015, while the suburban share of the population increased.
  • LIFE EXPECTANCY: Between 1975 and 2015, life expectancy increased by 6.2 years for the total population and increased for males and females.
  • INFANT MORTALITY: The infant mortality rate decreased 63%, from 16.07 to 5.90 deaths per 1,000 live births between 1975 and 2015.
  • CAUSES OF DEATH: Heart disease and cancer were the top two causes of death in the U.S. throughout the past 4 decades.
  • CIGARETTE SMOKING: Between 1974 and 2015, the age-adjusted prevalence of current cigarette smoking among persons aged 25 and over decreased from 36.9% to 15.6%. In 2015, men and women aged 25 and over with no high school diploma were more than four times as likely to smoke as those with a bachelor’s degree or higher.
  • OBESITY: The age-adjusted percentage of adults aged 20 and over with obesity increased steadily from 22.9% in 1988–1994 to 37.8% in 2013–2014.
  • PRESCRIPTION DRUGS: For all adult age groups, the percentage taking one or more prescription drug in the past month increased between 1988–1994 and 2013–2014. Among adults aged 65 and over, use of five or more prescription drugs in the past 30 days increased from 13.8% to 42.2% in same time period.
  • HEALTH INSURANCE: Between 1978 and September 2016 (preliminary data), the percentage of children under age 18 who were uninsured decreased from 12.0% to 5.0%; the percentage with Medicaid coverage increased from 11.3% to 39.2%; and the percentage with private coverage decreased from 75.1% to 53.5%.

Health, United States 2016” with “Chartbook on Long-term Trends in Health” is available on the NCHS web site at: http://www.cdc.gov/nchs/hus.htm.

What C-Suite Executives Want in 2017

Drug spending growth rate declines

Between May 2015 and May 2016, the growth in spending on prescription drugs dropped to 5.2%, down from 12.2% in 2014. Source: “CSHS Health Sector Economic Indicators Briefs: July 2016 Health Sector Economic IndicatorsSM Briefs,” Altarum Institute/Center for Sustainable Health Spending, July 2016, http://altarum.org/our-work/cshs-health-sector-economic-indicators-briefs  

Drug prices continue to rise

According to a recent survey by Consumer Reports, almost one-third of Americans said they had experienced a drug price hike in the past year. Source: “Consumer Reports Finds: Nearly One-Third of Americans Experiencing Price Hikes for Meds; Pricey Pills Impacting Retirement Plans, Family Life, Overall Health,” Consumer Reports Press Release, June 21, 2016, http://pressroom.consumerreports.org/pressroom/2016/06/consumer-reports-finds-nearly-one-third-of-americans-experiencing-price-hikes-for-meds-pricey-pills-impacting-retirement-pl.html

June 30, 2016 | Categories: Cost,drugs,healthcare | Tags: , , | Comments (0)

The high cost of health care is about the prices

The price of cancer drugs in the US is vastly higher than in other nations, according to new research that shines a light on how the cost of treating the life-threatening disease differs considerably depending on where the patient lives.

In the US, the median monthly price of branded cancer drugs, which are still protected by patents, was almost $8,700, compared with about $2,600 in the UK, $2,700 in Australia and $3,200 in China, according to the study, one of the largest of its kind.

http://www.cnbc.com/2016/06/06/financial-times-price-of-cancer-drugs-vastly-higher-in-us-according-to-study.html

June 11, 2016 | Categories: Cost,drugs,healthcare | Tags: , , , | Comments (0)

What is the avg. cost per prescription for specialty drugs?

 

 

2015 Cost, By Condition, Of Specialty Drugs Based On Avg. Price Per Prescription

 

  1. Hepatitis C – $17,090.18
  2. Sleep Disorders – $8,928.96
  3. Oncology – $7,158.53
  4. Cystic Fibrosis – $6,441.27
  5. Multiple Sclerosis – $4,549.22
  6. Pulmonary Hypertension – $3,892.31
  7. Inflammation – $3,035.95
  8. HIV – $1,272,01

 

Notes: Mercer 2015 national survey of employer sponsored health plans & express scripts 2015 drug trend report

 

Source: Mercer

The continuing rise in the cost of drugs

According to a recent report, in 2015:

  • The total spending on medicines in the U.S.–net of off-invoice discounts and rebates–was $309.5 billion, up 8.5% year over year
  • A total of 4.4 billion prescriptions were dispensed, up 1% year over year
  •  The average patient cost was $44 per prescription for brand prescriptions filled through a commercial plan, up more than 25% since 2010

Source: “IMS Health Study: U.S. Drug Spending Growth Reaches 8.5 Percent in 2015,” IMS Health News Release, April 14, 2016, http://www.imshealth.com/en/about-us/news/ims-health-study-us-drug-spending-growth-reaches-8.5-percent-in-2015

April 21, 2016 | Categories: Cost,drugs,healthcare | Tags: , , , | Comments (0)

Drug costs in 2015

4.4 Billion Prescription Drugs Were Dispensed in 2015

The IMS Institute for Healthcare Informatics recently conducted an analysis on medication spending trends. Here are some key findings from the report:

· Total spending on medicines in the U.S. reached $310 billion in 2015.

· 2015 saw a 8.5% total spending increase for medicines in the U.S. compared to 2014.

· Specialty medicines contributed more than two-thirds of overall growth between 2010 and 2015.

· 2015 saw a 21.5% spending increase for specialty medicines to $150.8 billion on an invoice price basis.

· The average patient cost exposure for brand prescriptions reached $44 per prescription in 2015.

· Total prescriptions dispensed in 2015 reached 4.4 billion, up 1% year over year.

Source: IMS Institute for Healthcare Informatics, April 14, 2016

Prescription Drug Prices Increased by 9.4% in 2013

AARP recently released a study on the pricing trends of 622 widely used prescription drugs. Here are some key findings from the report:

  • In 2013, the average cost of a drug was more than $11,000 per drug per year.
  • This cost is more than twice the average annual cost ($5,571) in 2006.
  • Retail prices for widely used prescription drugs increased by 9.4% in 2013.
  • The price increase was more than six times higher than the inflation rate of 1.5%.
  • Brand name and specialty drugs experienced price increases of 12.9% and 10.6%.
  • Generic drug prices decreased 4.0% in 2013.

Source: AARP, February 2016

March 8, 2016 | Categories: Cost,drugs,healthcare | Tags: , , , | Comments (0)

76% favor limiting the amount drug companies can charge for high-cost drugs

According to a recent survey:

  • 72% of Americans think prescription drug pricees are unreasonable
  • 83% approve of allowing the federal government to negotiate with drug companies for lower prices on medications for Medicare beneficiaries
  • 76% favor limiting the amount drug companies can charge for high-cost drugs for illnesses like hepatitis or cancer
  • 51% feel that regulation by the federal government would do a better job at keeping prescription drug costs down than marketplace competition
  • 40% feel that marketplace competition would do a better job at keeping prescription drug costs down than government regulation

Source: “Kaiser Health Tracking Poll: August 2015,” the Henry J. Kaiser Family Foundation, August 20, 2015, http://kff.org/health-costs/poll-finding/kaiser-health-tracking-poll-august-2015/

August 25, 2015 | Categories: Benefits,Cost,drugs,healthcare | Tags: , , , , | Comments (0)
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