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Medicare spending on prescription drugs in the United States from 1970 to 2024 (in billion U.S. dollars)

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Source

Release date

December 2025

Region

United States

Survey time period

1970 to 2024

Citation formats

Medicare spending on prescription drugs U.S. 1970-2024

Published by A. Minhas, Jul 8, 2026

In 2024, Medicare spending on prescription drugs amounted to billion U.S. dollars, the highest in the provided time interval. In 2006, the Medicare Prescription Payment Plan (MPPP) was introduced as part of the Medicare Modernization Act. This explains the steep rise in Medicare prescription payments from 2006. 

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