Report: Prescription drug prices continue to rise throughout 2021

The drug prices in 2021 have already seen dramatic price changes: 1,283 individual prescription drugs have increased in price in the first seven months of the year, which represents a 16% jump compared to the same time period last year. 

While prices are typically announced in January and July, the stark reality is that drug manufacturers are continually adjusting the price of prescription drugs throughout the entire year. Even though January is historically the month that sees the greatest amount of drug price increases (937 in January 2021), SingleCare has seen an additional 464 individual prescription drug prices increase from February to July 2021, which is up 28% compared to the same time period last year. 

Looking ahead, drug manufacturers have already begun to increase the average wholesale prices (AWP) of prescription drugs for July: 110 individual prescription drugs saw a price increase in July, at an average of 65% or $70.79.

*SingleCare will regularly update as new drug price adjustments are reported throughout the month of July. Updated as of Aug 2, 2021.

“In the first half of 2021, we’ve already seen a marked increase in the number of drugs on which manufacturers have raised prices,” said Ramzi Yacoub, Pharm. D., the chief pharmacy officer for SingleCare. “These changes can trickle down and impact the price of drugs that consumers pay at the pharmacy. As the majority of adjustments are typically made to brand medications, the good news for consumers filling generic drugs, which account for 90% of all fills, is these prices are less likely to change.”

“As prescription drug prices change regularly, and the same drug can differ in price from manufacturer to manufacturer, it pays to check SingleCare prescription coupons to ensure you’re getting the lowest cost option,” Dr. Yacoub continued. “While most consumers filling generics likely won’t feel a significant impact to their wallet, it’s a reminder to those filling more expensive brand medications to continue to seek out generic options whenever possible.”  

The average American fills nearly three scripts per month and spends $1,200 each year on their medications—which is more than any other country in the world. SingleCare reviewed the drugs that will see the highest dollar increase in July 2021 compared to the previous year based on the average wholesale price (AWP), which is set by the manufacturer. While these drugs see the highest dollar increase, they are not commonly prescribed drugs and typically see lower utilization.

Methodology

SingleCare’s drug pricing analysis tracks the individual drugs that saw an average wholesale price (AWP) change from 2021 compared to 2020 based on MediSpan data. This excludes over-the-counter medications. SingleCare has updated and reviewed this data as of Jul. 12, 2021.