By Alvin Tran
Americans’ per capita spending on prescription drugs fell last year for the first time on record, according to a report released Thursday by the IMS Institute For Healthcare Informatics firm headquartered in Danbury, Conn., which tracks pharmaceutical sales and other health care data.
The report titled, “Declining Medicine Use and Costs: For Better or Worse?” found that in real dollars, total spending on prescription drugs fell by 3.5 percent per capita in 2012, while use of health care services, including visits to doctors, declined for the second consecutive year.
“The largest driver of this slowdown has been an unprecedented cluster of very popular and effective medicines losing patent protection and facing generic competition at the same time,” said Michael Kleinrock, a lead author and the company’s director of research development. Read the full story »