Spiking cost of prescription drugs drove up Medicare spending in USA – CMS report

Spending on prescription drugs in the USA was up by 12% in 2014, faster than in any year since 2002, according to the Centers for Medicare & Medicaid Services (CMS), which is one of the largest purchasers of prescription drugs in the USA.

Hefty price increases for a number of prescription drugs contributed to higher spending by the US Medicare program in 2014, according to new government data released Monday.

The CMS said, total Medicare spending on prescription drugs accelerated during 2014, rising 16.9% against 9.5% in 2013.