(NEW YORK) -- If you think you pay a lot for prescription drugs -- a study in the journal Health Affairs says … you're right.
The study finds that prescription drug prices in recent years were between 500 and 200 percent higher in the United States than in six other advanced countries, which included Australia, Canada, France, Germany, Switzerland and the United Kingdom.
U.S. patients outspend all the others in both retail and manufacturing drug pricing. Americans also spend more than double per capita on brand name prescription drugs than the United Kingdom, the lowest-spending of the seven nations studied.
The authors say the high spending in the U.S. is because we are quicker to try new, expensive drugs, and to take more of them.
They recommend that the U.S. Food and Drug Administration consider cost-effectiveness when approving new drugs.
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