Spending on medicines increased 13.1 percent in 2014, the highest level since 2001, according to a report by the IMS Institute for Healthcare Informatics.
Here are five key findings from the report:
• Spending on new brands increased by $20.2 billion in 2014.
• Specialty medicines now account for one-third of spending, and spending on specialty medicine increased by 26.5 percent to $124.1 billion in 2014.
• Nominal spending on pharmaceuticals reached $373.9 billion in 2014.
• Medicaid was the leading driver of retail prescription growth.
• Overall Medicaid prescriptions increased 16.8 percent in 2014.