IMS: U.S. drug spending grew 13.1% in 2014

The IMS Institute for Healthcare Informatics said U.S. drug spending hit $373.9 billion in 2014, a 13% increase over the prior year and the highest level of spending growth since 2001, according to a Sovaldi sofosbuvir from Gilead Sciences Inc. (NASDAQ:GILD) led to the largest bump in new drug spending.

The expansion of Medicaid in 26 states and the District of Columbia drove retail prescription growth in the first full year of expanded coverage under the Affordable Care Act, according to IMS. In states with expanded Medicaid coverage, prescription spending grew 25% over the prior year, versus 3% in states that did not expand the program. ...