U.S. spending on prescription drugs amassed $722 billion in 2023, a nearly 14% uptick from 2022, marking the largest increase in spending in 20 years, according to a new study. The diabetes and weight loss medication semaglutide (Ozempic, Wegovy, and Rybelsus) topped the list. While drug prices did rise, the data and experts point to other, more significant factors for the national increase in spending.

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