As Trump Moves to Lower Costs, Here’s How Much Americans Are Spending on Prescription Drugs

President Donald Trump’s order aimed at lowering drug costs could potentially save Americans hundreds of dollars in a category that is taking up more budget space than ever.

Americans are spending more on drugs than ever before, largely due to the growing demand for weight loss drugs, according to a new report from the American Society of Health-System Pharmacists (ASHP). In 2024, Americans spent $805.9 billion on prescription drugs, an increase of 10.2% compared to the previous year.

Trump signed an order Monday directing pharmaceutical companies to lower the amount they charge federal government health insurance programs for drugs to match what they charge in foreign countries. This will cut drug costs by 59% to 90%, Trump said in a press conference. However, legal analysts think his attempt to lower drug prices will be challenged in court.

Without taking into account the possible effects of Trump’s order, Americans are projected to spend even more on prescription drugs this year, as the report estimates a 9% to 11% increase in expenditures in 2025.

Not only are Americans spending an increasing amount, but they’re spending more than their neighbors on the same drugs. For example, the cost of weight-loss drug Ozempic costs $936 in the U.S., compared to $148 in Canada, according to an analysis by Peterson-KFF, a nonprofit research group.

According to the most recent data from the Organisation for Economic Co-operation and Development, Americans spend more per capita yearly than any other country. On average, each American spends $1,564 on prescription drugs, the OECD found. Comparatively, Sweden was the developed country with the next highest spending per person, at $1,159. Costa Rica had the smallest spending per person, at just $162.