Drug Spending On The Rise Across The Globe, Could Hit $1.3T Over Next Five Years
Prescription drug cost hikes will contribute to a 30-percent rise in total global drug spending by 2020. In related news, the American Medical Association is urging a ban on the advertisement of prescription drugs and medical devices to consumers.
The Associated Press:
IMS Health: Drug Spending To Jump 30 Pct. To $1.3T In 2020
As criticism of soaring prescription drug prices in the U.S. grows, global spending on medicines is expected to rise 3 percent to 6 percent annually for the next five years, according to a new forecast from IMS Health. The health data firm predicts global spending will increase by about 30 percent cumulatively from about $1 trillion now to about $1.3 trillion in 2020, driven by expensive new drugs, price hikes, aging populations and increased generic drug use in developing countries. (11/18)
The Chicago Tribune:
AMA Calls For Ban On Drug, Device Advertising
The American Medical Association on Tuesday called for a ban on consumer advertising for prescription drugs and medical devices, saying such marketing could be driving demand for unnecessary expensive treatments. The Chicago-based association said it adopted a policy supporting an advertising ban and called for greater transparency in prescription drug prices and costs. The policy was adopted by physicians at an AMA meeting in Atlanta. (Russell, 11/17)