"[The authors] combined claims data on branded retail prescription drugs with estimates on rebates to provide new price index measures based on pharmacy prices, negotiated prices (after rebates), and out-of-pocket prices for the commercially insured population during the period 2007-20.... [A]lthough retail pharmacy prices increased 9.1 percent annually, negotiated prices grew by a mere 4.3 percent, highlighting the importance of rebates in price measurement.... [C]onsumer out-of-pocket prices diverged from negotiated prices after 2016, growing 5.8 percent annually, while negotiated prices remained flat."  MORE >>