Prescription drug prices in Minnesota have risen nearly 42 percent since 2017, according to a new drug price transparency dashboard recently developed by the Minnesota Department of Health.
That’s according to data analyzed by the state’s health department from more than 200 manufacturers and around 700 drugs.
“While some drugs in the market faced competition, many were still able to demand hefty price increases,” a Feb. 21 press release states. “This raises questions about whether market forces for certain products are keeping costs in check. Prices for new drugs were high and vary wildly, according to the data.”
The MDH’s Prescription Drug Price Transparency initiative was developed to help consumers understand costs and also paint a clearer picture of how policymakers and payers can begin to address the rising costs, according to the press release.
The pricing dashboard is housed on the MDH’s website and also features an accompanying report that further explains the data.
“These data will help us understand how prices are impacted throughout the supply chain and whether discounts are ultimately passed on to consumers,” Stefan Gildemeister, a health economist for the MDH, said in a press statement. “That will give legislators actionable evidence to improve affordability of prescription drugs.”
