Slavitt noted that CMS spent $140 billion last year on prescription drugs for Medicare and Medicaid beneficiaries. Meanwhile, rising prescription medication prices also influence monthly premiums in CHIP and exchange health plans, he said.
Spending on prescription drugs rose by 13% last year -- the highest growth rate since 2001, according to Slavitt. By comparison, overall health care spending grew just by 5% in 2014, Slavitt said.
"Drug costs are not just the states and federal government's fastest-growing cost, but through [Medicare] Part B and D premiums, co-insurance and deductibles, our beneficiaries pay 16% of the bill, making this a real kitchen table issue for working families and retirees," Slavitt said, noting that Part D per capita spending jumped 11% last year.
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