High-priced drugs stretching rich nations' health budgets: OECD

London

SPECIALITY medicines for which pharmaceutical companies demand high prices are straining wealthy nations' health budgets, the OECD (Organisation for Economic Co-operation and Development) said on Wednesday, with drugs accounting for some 20 per cent of all health spending.

Across the 33 OECD countries, pharmaceutical spending reached US$800 billion in 2013, and new drugs and rising demand are likely to continue to push that level higher, the OECD said.