Why is the price of drugs so high in the U.S.?
The U.K.’s drug price crisis is having a dramatic effect on the global economy, according to an analysis of data from the World Health Organization.
As of March 31, the U,S., and Canada each spent an average of $1,300 per patient per day on prescription drugs, according an analysis by The Washington Post.
By comparison, the average cost of a prescription drug in the United States was $739 in 2015, and the average price of a hospital stay in the country was $1.3 million.
That’s roughly a 50 percent jump from the peak year of 2015, when the price was $2,096 per patient.
“We are now seeing a dramatic increase in the number of people dying of non-Hodgkin’s lymphoma and other cancers,” said Daniel Pimentel, the WHO’s director-general.
“The trend is clear: drug prices are rising.
There are significant implications for healthcare and economic growth in the world.”
The average price for a single drug in India was $8,717 in 2016, while the average for a drug in Britain was $13,904.
For the first time, the global average price rose more than 20 percent from a year ago.
Pimentels report was based on WHO data on drugs sold in the five-country group of the Organization for Economic Cooperation and Development.
“There is clearly a global reaction to the price increases and the health consequences,” said Pimentelt, who was not involved in the analysis.
“If you look at the average of drugs sold on the continent, you see an increase of more than a 50% from 2015.”
For the period from March 2015 to March 2016, global average prices rose more then 100 percent, while global average per-capita prices fell by 25 percent.
The report also found that countries with the most serious price problems, such as India, were also the hardest hit by the drug crisis.
According to the report, global drug prices rose an average 6.3 percent annually between 2014 and 2016.
The world is not the only place to see drug prices rising.
Prices in the US jumped almost 5,000 percent between 2014 to 2016, and have more than tripled in Germany since 2011.
“Global drug prices have risen sharply,” Pimentell said.
“It is a global phenomenon.”