Over the past ten years, drug prices have increased by nearly 40%, according to a recently released tracker.

• Since 2014, the cost of prescription medications in the U.S. has increased by 37%, much more than the rate of inflation, according to GoodRx data.
• Despite the slowdown in price increases this year compared to previous years, the average American still spends $16.26 out of pocket on prescriptions, according to the data.
• According to the White House, on average, Americans pay significantly higher prices for prescription drugs compared to individuals in other developed countries.

Since 2014, the cost of prescription medications in the U.S. has increased by 37%, significantly more than the rate of inflation, according to data from a drug savings company.

While the rate of price increases has decreased compared to previous years, the resulting higher costs are still increasing out-of-pocket expenses for consumers. On average, Americans spend $16.26 out of pocket on prescriptions, according to data.

As per Tori Marsh, GoodRx Director of Research, when things increase, they eventually reach consumers, particularly those in high deductible plans or without insurance, who end up paying a significant amount out of pocket.

Over the past decade, the average person's deductible has nearly doubled, and copays are increasing as many plans are adding a new tier of drugs with higher copays, according to GoodRx.

GoodRx has determined that the "big pinch" is the combination of high medication costs and reduced insurance coverage. In analyzing coverage for over 3,700 Medicare Part D plans between 2010 and 2024, GoodRx found that the portion of medications covered decreased by 19% over that time frame.

"Marsh stated that the impact is threefold: rising costs or prices, increased friction in accessing medication and pharmacies, and decreased insurance coverage."

According to the White House, on average, Americans pay significantly higher prices for prescription drugs compared to individuals in other developed countries.

As the 2024 election approaches, drug costs have become a major concern for President Joe Biden, prompting his administration to implement measures to reduce out-of-pocket drug expenses.

Medicare beneficiaries will see lower prices on 64 prescription drugs due to inflation penalties on drugmakers, as announced by the White House on Wednesday.

The third quarter will see lower drug costs that will benefit approximately 750,000 people, with some saving up to $4,593 per day, according to the release.

According to GoodRx interim CEO Scott Wagner, despite efforts by policymakers and industry leaders to improve affordability and accessibility, patients are still facing unexpectedly high out-of-pocket costs.

— CNBC's Annika Kim Constantino contributed to this report.