17:11 ET – US spending for retail prescription drugs rose 1.3% to $328.6 billion in 2016, a slowdown from 2014 and 2015, when growth was 12.4% and 8.9% respectively, according to a report from the Centers for Medicare and Medicaid Services. Published in the journal Health Affairs (see: bit.ly/2kse9de), the CMS report cited lower spending for hepatitis C drugs–sold by Gilead, AbbVie and others–and fewer new drugs approved in 2016. CMS also said spending growth decelerated for diabetes drugs in 2016. Meanwhile, total US care spending rose 4.3% last year. ([email protected]; @Loftus)
Copyright (c) 2017 Dow Jones & Company, Inc.