“Today’s CHIA report makes it clear that prescription drugs are not a leading driver of healthcare costs in Massachusetts. Between 2018 and 2019, pharmacy expenditures in Massachusetts grew by just 3.0%, which means it was one of only two healthcare expenditure categories that came in below the state’s 3.1% growth benchmark. The report also demonstrates that total 2019 pharmacy spend, net of rebates, accounted for just 14.5% of total health care expenditures – the same as in 2018.
“Today’s report is significant and refutes the growing calls for government to regulate drug prices. Pharmacy spend has accounted for 12 – 15% of national healthcare expenditures for decades and today’s CHIA report shows the same is true in Massachusetts. Drug costs are not the concern – high deductibles and out-of-pocket costs are.”
– Zach Stanley, Executive Vice President, MassBio