OREANDA-NEWS. The prescription drug cost trend in the United States has grown to a more than 10% increase annually, twice the rate of the medical cost trend, according to a new A.M. Best special report.

The Best Special Report, titled, “No End in Sight for Escalating Prescription Drug Pricing Trend,” states that retail prescription drug spending accelerated in 2014, growing 12.2% to $297.7 billion compared to a 2.4% growth rate in 2013. The rising costs were due to increased spending for new medications, such as specialty drugs for Hepatitis C, patent expirations, brand name drug price increases and the impact from higher enrollment due to the Patient Protection and Affordable Care Act (ACA). Private health insurance, Medicare and Medicaid spending on prescription drugs all accelerated in 2014. Not only have these costs impacted insurers, but consumers are paying more as out-of-pocket costs have risen for those who have insurance.