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The private market is quietly doing a great job at keeping prescription drug prices low

April Ponnuru, Senior Advisor at CRN and contributor to the Washington Examiner, writes in a recent piece:

The dramatic improvement in the quality of prescription drugs over the past few decades is nothing short of a modern-day miracle. More and more Americans are successfully managing chronic illnesses — illnesses that often resulted in hospital stays and shorter life expectancy not so long ago — with medication. While it’s true that this progress often comes at a high cost, the private market is actually doing a remarkably good job at keeping overall costs in check.

In March, pharmacy benefit manager CVSHealth reported that prescription drug spending for its customers increased at the slowest rate in 4 years—by only 3.2 percent—with more than one-third of their large business customers actually paying less for medicines in 2016 than they did in 2015. By comparison, overall healthcare spending is expected to rise by 6.5 percent in 2017.

Read April’s full Washington Examiner piece here.