It's time to solve America’s prescription drug problem

Employers are rightfully concerned about the ever-growing cost of prescription drugs, but they typically lack the data visibility and tools to do much about it. (Photo: Shutterstock)

More than ever, the push for greater transparency in prescription drug prices and lowering prescription costs for consumers and plan sponsors is gaining ground in Washington. It’s encouraging to see traction at the federal policy level, given that trendlines are leading to an unsustainable cost situation for American consumers and businesses.

Recent data show prescription drug price increases are outpacing inflation, with prices of some of the most widely used brand-name drugs rising twice as fast as overall inflation. This has a real, dollars-and-cents impact. Today 1 in 4 people in the U.S. have difficulty affording their medications. And employers — who are often challenged to understand their prescription drug spend — report significant concern about sharply rising pharmacy costs.