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New government data shows that surging prescription drug and medical costs are affecting the wallets of American consumers. In August 2016, the cost of medical care in the U.S. rose by 1% – the quickest rate since 1984.
The cost of prescription drugs also rose 1.3%, bringing the total price increase over the past year to 6.3%. This is the largest year-over-year increase seen in the last two years.
Lawmakers and consumers alike have criticized these high drug prices, especially in the wake of the EpiPen controversy. The company raised prices so much that public uproar ensued, which forced the company to roll back the price increase.
This report was published on MarketWatch on September 16, 2016.