As Trump Strikes to Decrease Prices, This is How A lot People Are Spending on Prescription Medicine

President Donald Trump’s order aimed toward decreasing drug prices may doubtlessly save People a whole lot of {dollars} in a class that’s taking on extra finances area than ever.

People are spending extra on medication than ever earlier than, largely because of the rising demand for weight reduction medication, in accordance with a brand new report from the American Society of Well being-System Pharmacists (ASHP). In 2024, People spent $805.9 billion on prescribed drugs, a rise of 10.2% in comparison with the earlier yr.

Trump signed an order Monday directing pharmaceutical firms to decrease the quantity they cost federal authorities medical health insurance packages for medication to match what they cost in overseas nations. This may minimize drug prices by 59% to 90%, Trump mentioned in a press convention. Nevertheless, authorized analysts assume his try to decrease drug costs will probably be challenged in court docket.

With out bearing in mind the attainable results of Trump’s order, People are projected to spend much more on prescribed drugs this yr, because the report estimates a 9% to 11% enhance in expenditures in 2025.

Not solely are People spending an rising quantity, however they’re spending greater than their neighbors on the identical medication. For instance, the price of weight-loss drug Ozempic prices $936 within the U.S., in comparison with $148 in Canada, in accordance with an evaluation by Peterson-KFF, a nonprofit analysis group.

In response to the latest knowledge from the Organisation for Financial Co-operation and Growth, People spend extra per capita yearly than some other nation. On common, every American spends $1,564 on prescribed drugs, the OECD discovered. Comparatively, Sweden was the developed nation with the following highest spending per particular person, at $1,159. Costa Rica had the smallest spending per particular person, at simply $162.