Research
The drug deal that is supposed to win a midterm
A midterm pitch, measured against the books
In the Oval Office on Friday, President Donald Trump said a Medicaid “most favoured nation” drug-pricing model that all 50 states would join “should win us the midterms.” The claim sits next to a Commonwealth Fund survey of more than 25,000 adults, taken in May, in which 42% named high insurance premiums as the most important health-care problem and 36% named out-of-pocket costs. Independent analysts noted that the drug deals themselves are not public, and that Medicaid patients already pay only token copays.
The political argument is that cutting what Medicaid pays for some medicines will show up as relief. The last complete official snapshot of what the country actually spends is older, and more awkward, than a campaign event. The Bureau of Economic Analysis’s state personal-consumption accounts, in a 26 September 2025 release covering calendar 2024, put pharmaceutical products at $669 billion. That is real money. It is also not the biggest room in the building.
Hospitals accounted for $1.49 trillion in the same accounts, more than twice the drug bill. Physician services were $793 billion. The Health function as a whole — medical goods and services, not including the separate “net health insurance” line — was $4.09 trillion, or 20.6% of the $19.9 trillion Americans spent on everything. Apply those shares to BEA’s $58,499 of per-capita PCE and the implied 2024 totals are about $1,967 per person on pharmaceutical products, $4,392 on hospitals and $12,021 on the Health function. Those are not out-of-pocket bills. Insurers and government programmes are inside the totals. They are still the right scale check for a promise that cheaper Medicaid drugs will rearrange the cost of living.
In 2024, hospitals still spent more than twice the drug bill
View exact chart values
| category | billions_2024 | share_pct | per_capita_usd |
|---|---|---|---|
| Hospitals | 1493.6 | 7.51 | 4392 |
| Physician services | 793.3 | 3.99 | 2332 |
| Pharmaceutical products | 669 | 3.36 | 1967 |
| Net health insurance | 270.1 | 1.36 | 794 |
The one category that actually ran ahead
If the question is whether the drug bill has been shrinking, the annual books say no. In current dollars, pharmaceutical products were $102 billion in 1997 and $669 billion in 2024 — a 6.5-fold increase. Total PCE rose 3.6-fold over the same span. Hospitals rose 4.3-fold; physician services 4.2-fold. Net health insurance, of which more in a moment, rose 3.7-fold, in line with the whole basket.
The share of spending tells the same story without the inflation of a growing economy. Drugs were 1.85% of PCE in 1997 and 3.36% in 2024. They have occupied a band around 3.2% to 3.4% for a decade, with a pandemic spike to 3.63% in 2020 when other spending collapsed. The Health function climbed from 16.6% of PCE to 20.5%. Hospitals remain the heavy item inside that function, at 7.5% of all consumer spending.
Since 2019, the year before the pandemic, pharmaceutical products have grown slightly faster than the rest of the basket: 38.4%, or $186 billion, against 37.8% for total PCE. Hospitals grew more slowly in percentage terms, 31.1%, but added $354 billion — almost twice the extra dollars. Physician services added $196 billion, up 32.9%. The drug category is the sprinter. The hospital category is still the truck.
America’s medical bill, in four buckets
View exact chart values
| year | pharma_bn | insurance_bn | hospitals_bn | physicians_bn | pharma_share_pct | insurance_share_pct | hospitals_share_pct | physicians_share_pct | health_share_pct | pharma_index | insurance_index | hospitals_index | physicians_index | total_index | pharma_per_capita | insurance_per_capita | hospitals_per_capita | physicians_per_capita | health_per_capita | pce_per_capita |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1997 | 102.3 | 73.5 | 345.5 | 190.9 | 1.85 | 1.33 | 6.24 | 3.45 | 16.61 | 100 | 100 | 100 | 100 | 100 | 375 | 270 | 1267 | 700 | 3374 | 20308 |
| 1998 | 118.3 | 80.8 | 360.1 | 202 | 2.01 | 1.37 | 6.13 | 3.44 | 16.67 | 115.5 | 109.8 | 104.2 | 105.8 | 106.1 | 429 | 293 | 1305 | 732 | 3551 | 21306 |
| 1999 | 138.3 | 85.7 | 373.2 | 212.1 | 2.2 | 1.36 | 5.94 | 3.38 | 16.44 | 135.1 | 116.6 | 108 | 111.1 | 113.5 | 496 | 307 | 1338 | 760 | 3703 | 22519 |
| 2000 | 157.1 | 94.4 | 393.9 | 229.2 | 2.32 | 1.39 | 5.82 | 3.39 | 16.4 | 153.4 | 128.3 | 114 | 120.1 | 122.2 | 557 | 334 | 1396 | 812 | 3932 | 23983 |
| 2001 | 178.9 | 101.1 | 427.1 | 249.3 | 2.53 | 1.43 | 6.04 | 3.52 | 17.1 | 174.8 | 137.5 | 123.6 | 130.6 | 127.8 | 628 | 355 | 1499 | 875 | 4244 | 24823 |
| 2002 | 198 | 106.5 | 469.5 | 269.3 | 2.69 | 1.45 | 6.39 | 3.66 | 17.92 | 193.5 | 144.9 | 135.9 | 141.1 | 132.7 | 688 | 370 | 1632 | 936 | 4579 | 25550 |
| 2003 | 217.8 | 116.7 | 498.4 | 291.5 | 2.81 | 1.51 | 6.44 | 3.77 | 18.22 | 212.8 | 158.6 | 144.3 | 152.7 | 139.8 | 751 | 402 | 1718 | 1005 | 4863 | 26682 |
| 2004 | 233.6 | 116.5 | 537.9 | 314.2 | 2.84 | 1.42 | 6.53 | 3.82 | 18.4 | 228.2 | 158.5 | 155.7 | 164.6 | 148.7 | 798 | 398 | 1837 | 1073 | 5174 | 28114 |
| 2005 | 245.5 | 129.4 | 577.2 | 333.9 | 2.8 | 1.48 | 6.58 | 3.81 | 18.39 | 239.9 | 175.9 | 167.1 | 174.9 | 158.4 | 831 | 438 | 1953 | 1130 | 5456 | 29674 |
| 2006 | 272.8 | 130.6 | 617 | 348.5 | 2.94 | 1.41 | 6.65 | 3.76 | 18.49 | 266.6 | 177.7 | 178.6 | 182.6 | 167.6 | 914 | 438 | 2068 | 1168 | 5748 | 31092 |
| 2007 | 289.6 | 131.3 | 658.1 | 365.7 | 2.97 | 1.35 | 6.75 | 3.75 | 18.71 | 283 | 178.5 | 190.5 | 191.6 | 176 | 961 | 436 | 2185 | 1214 | 6053 | 32356 |
| 2008 | 298.9 | 129.1 | 689.8 | 385 | 2.97 | 1.28 | 6.86 | 3.83 | 19 | 292 | 175.5 | 199.7 | 201.7 | 181.5 | 983 | 424 | 2268 | 1266 | 6279 | 33049 |
| 2009 | 312.1 | 122.4 | 736.3 | 397.1 | 3.16 | 1.24 | 7.44 | 4.01 | 20.21 | 304.9 | 166.5 | 213.1 | 208.1 | 178.6 | 1017 | 399 | 2400 | 1295 | 6517 | 32243 |
| 2010 | 322.1 | 143 | 769.9 | 410.5 | 3.14 | 1.39 | 7.5 | 4 | 20.25 | 314.7 | 194.5 | 222.8 | 215.1 | 185.3 | 1041 | 462 | 2488 | 1327 | 6717 | 33164 |
| 2011 | 337.6 | 153.3 | 797 | 426.5 | 3.16 | 1.43 | 7.45 | 3.99 | 20.13 | 329.8 | 208.5 | 230.7 | 223.5 | 193.2 | 1083 | 492 | 2556 | 1368 | 6905 | 34309 |
| 2012 | 349.9 | 145.8 | 830.3 | 441.2 | 3.17 | 1.32 | 7.52 | 3.99 | 20.19 | 341.9 | 198.3 | 240.3 | 231.1 | 199.5 | 1113 | 464 | 2642 | 1404 | 7097 | 35145 |
| 2013 | 360.8 | 154.1 | 857.7 | 444.8 | 3.17 | 1.35 | 7.53 | 3.91 | 20.07 | 352.5 | 209.5 | 248.2 | 233.1 | 205.7 | 1139 | 487 | 2708 | 1405 | 7215 | 35956 |
| 2014 | 387.9 | 177 | 894.6 | 466.2 | 3.27 | 1.49 | 7.53 | 3.93 | 20.17 | 379.1 | 240.7 | 258.9 | 244.2 | 214.5 | 1215 | 555 | 2802 | 1460 | 7502 | 37194 |
| 2015 | 413 | 187.1 | 949.5 | 496.1 | 3.36 | 1.52 | 7.72 | 4.03 | 20.62 | 403.6 | 254.4 | 274.8 | 259.9 | 222.1 | 1283 | 581 | 2950 | 1542 | 7881 | 38213 |
| 2016 | 423 | 200.1 | 992.6 | 526.5 | 3.32 | 1.57 | 7.8 | 4.14 | 20.84 | 413.4 | 272.2 | 287.3 | 275.8 | 229.9 | 1304 | 617 | 3060 | 1623 | 8177 | 39238 |
| 2017 | 435.1 | 215.2 | 1022.7 | 551.4 | 3.27 | 1.62 | 7.69 | 4.15 | 20.66 | 425.1 | 292.6 | 296 | 288.9 | 240 | 1332 | 659 | 3131 | 1688 | 8406 | 40693 |
| 2018 | 453.8 | 248.9 | 1072.2 | 571.6 | 3.26 | 1.79 | 7.69 | 4.1 | 20.58 | 443.4 | 338.5 | 310.3 | 299.5 | 251.7 | 1381 | 758 | 3264 | 1740 | 8727 | 42415 |
| 2019 | 483.2 | 232 | 1139.6 | 597.1 | 3.35 | 1.61 | 7.89 | 4.14 | 20.97 | 472.2 | 315.5 | 329.9 | 312.8 | 260.8 | 1463 | 703 | 3451 | 1808 | 9170 | 43720 |
| 2020 | 517.2 | 238.7 | 1087.5 | 570.1 | 3.63 | 1.68 | 7.64 | 4.01 | 20.69 | 505.3 | 324.6 | 314.8 | 298.7 | 257 | 1560 | 720 | 3280 | 1719 | 8880 | 42920 |
| 2021 | 525.8 | 245.6 | 1235.6 | 634.3 | 3.26 | 1.52 | 7.67 | 3.94 | 20.19 | 513.8 | 333.9 | 357.6 | 332.3 | 291.1 | 1583 | 740 | 3721 | 1910 | 9801 | 48539 |
| 2022 | 567.4 | 251.9 | 1301.8 | 677.1 | 3.21 | 1.42 | 7.36 | 3.83 | 19.67 | 554.4 | 342.6 | 376.8 | 354.7 | 319.5 | 1699 | 754 | 3897 | 2027 | 10418 | 52961 |
| 2023 | 625.8 | 259.9 | 1396.5 | 734.8 | 3.32 | 1.38 | 7.42 | 3.9 | 20.1 | 611.5 | 353.4 | 404.2 | 385 | 340.1 | 1858 | 772 | 4146 | 2182 | 11239 | 55917 |
| 2024 | 669 | 270.1 | 1493.6 | 793.3 | 3.36 | 1.36 | 7.51 | 3.99 | 20.55 | 653.6 | 367.3 | 432.3 | 415.6 | 359.3 | 1967 | 794 | 4392 | 2332 | 12021 | 58499 |
Drugs outran the rest of the shopping basket
View exact chart values
| year | pharma_bn | insurance_bn | hospitals_bn | physicians_bn | pharma_share_pct | insurance_share_pct | hospitals_share_pct | physicians_share_pct | health_share_pct | pharma_index | insurance_index | hospitals_index | physicians_index | total_index | pharma_per_capita | insurance_per_capita | hospitals_per_capita | physicians_per_capita | health_per_capita | pce_per_capita |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1997 | 102.3 | 73.5 | 345.5 | 190.9 | 1.85 | 1.33 | 6.24 | 3.45 | 16.61 | 100 | 100 | 100 | 100 | 100 | 375 | 270 | 1267 | 700 | 3374 | 20308 |
| 1998 | 118.3 | 80.8 | 360.1 | 202 | 2.01 | 1.37 | 6.13 | 3.44 | 16.67 | 115.5 | 109.8 | 104.2 | 105.8 | 106.1 | 429 | 293 | 1305 | 732 | 3551 | 21306 |
| 1999 | 138.3 | 85.7 | 373.2 | 212.1 | 2.2 | 1.36 | 5.94 | 3.38 | 16.44 | 135.1 | 116.6 | 108 | 111.1 | 113.5 | 496 | 307 | 1338 | 760 | 3703 | 22519 |
| 2000 | 157.1 | 94.4 | 393.9 | 229.2 | 2.32 | 1.39 | 5.82 | 3.39 | 16.4 | 153.4 | 128.3 | 114 | 120.1 | 122.2 | 557 | 334 | 1396 | 812 | 3932 | 23983 |
| 2001 | 178.9 | 101.1 | 427.1 | 249.3 | 2.53 | 1.43 | 6.04 | 3.52 | 17.1 | 174.8 | 137.5 | 123.6 | 130.6 | 127.8 | 628 | 355 | 1499 | 875 | 4244 | 24823 |
| 2002 | 198 | 106.5 | 469.5 | 269.3 | 2.69 | 1.45 | 6.39 | 3.66 | 17.92 | 193.5 | 144.9 | 135.9 | 141.1 | 132.7 | 688 | 370 | 1632 | 936 | 4579 | 25550 |
| 2003 | 217.8 | 116.7 | 498.4 | 291.5 | 2.81 | 1.51 | 6.44 | 3.77 | 18.22 | 212.8 | 158.6 | 144.3 | 152.7 | 139.8 | 751 | 402 | 1718 | 1005 | 4863 | 26682 |
| 2004 | 233.6 | 116.5 | 537.9 | 314.2 | 2.84 | 1.42 | 6.53 | 3.82 | 18.4 | 228.2 | 158.5 | 155.7 | 164.6 | 148.7 | 798 | 398 | 1837 | 1073 | 5174 | 28114 |
| 2005 | 245.5 | 129.4 | 577.2 | 333.9 | 2.8 | 1.48 | 6.58 | 3.81 | 18.39 | 239.9 | 175.9 | 167.1 | 174.9 | 158.4 | 831 | 438 | 1953 | 1130 | 5456 | 29674 |
| 2006 | 272.8 | 130.6 | 617 | 348.5 | 2.94 | 1.41 | 6.65 | 3.76 | 18.49 | 266.6 | 177.7 | 178.6 | 182.6 | 167.6 | 914 | 438 | 2068 | 1168 | 5748 | 31092 |
| 2007 | 289.6 | 131.3 | 658.1 | 365.7 | 2.97 | 1.35 | 6.75 | 3.75 | 18.71 | 283 | 178.5 | 190.5 | 191.6 | 176 | 961 | 436 | 2185 | 1214 | 6053 | 32356 |
| 2008 | 298.9 | 129.1 | 689.8 | 385 | 2.97 | 1.28 | 6.86 | 3.83 | 19 | 292 | 175.5 | 199.7 | 201.7 | 181.5 | 983 | 424 | 2268 | 1266 | 6279 | 33049 |
| 2009 | 312.1 | 122.4 | 736.3 | 397.1 | 3.16 | 1.24 | 7.44 | 4.01 | 20.21 | 304.9 | 166.5 | 213.1 | 208.1 | 178.6 | 1017 | 399 | 2400 | 1295 | 6517 | 32243 |
| 2010 | 322.1 | 143 | 769.9 | 410.5 | 3.14 | 1.39 | 7.5 | 4 | 20.25 | 314.7 | 194.5 | 222.8 | 215.1 | 185.3 | 1041 | 462 | 2488 | 1327 | 6717 | 33164 |
| 2011 | 337.6 | 153.3 | 797 | 426.5 | 3.16 | 1.43 | 7.45 | 3.99 | 20.13 | 329.8 | 208.5 | 230.7 | 223.5 | 193.2 | 1083 | 492 | 2556 | 1368 | 6905 | 34309 |
| 2012 | 349.9 | 145.8 | 830.3 | 441.2 | 3.17 | 1.32 | 7.52 | 3.99 | 20.19 | 341.9 | 198.3 | 240.3 | 231.1 | 199.5 | 1113 | 464 | 2642 | 1404 | 7097 | 35145 |
| 2013 | 360.8 | 154.1 | 857.7 | 444.8 | 3.17 | 1.35 | 7.53 | 3.91 | 20.07 | 352.5 | 209.5 | 248.2 | 233.1 | 205.7 | 1139 | 487 | 2708 | 1405 | 7215 | 35956 |
| 2014 | 387.9 | 177 | 894.6 | 466.2 | 3.27 | 1.49 | 7.53 | 3.93 | 20.17 | 379.1 | 240.7 | 258.9 | 244.2 | 214.5 | 1215 | 555 | 2802 | 1460 | 7502 | 37194 |
| 2015 | 413 | 187.1 | 949.5 | 496.1 | 3.36 | 1.52 | 7.72 | 4.03 | 20.62 | 403.6 | 254.4 | 274.8 | 259.9 | 222.1 | 1283 | 581 | 2950 | 1542 | 7881 | 38213 |
| 2016 | 423 | 200.1 | 992.6 | 526.5 | 3.32 | 1.57 | 7.8 | 4.14 | 20.84 | 413.4 | 272.2 | 287.3 | 275.8 | 229.9 | 1304 | 617 | 3060 | 1623 | 8177 | 39238 |
| 2017 | 435.1 | 215.2 | 1022.7 | 551.4 | 3.27 | 1.62 | 7.69 | 4.15 | 20.66 | 425.1 | 292.6 | 296 | 288.9 | 240 | 1332 | 659 | 3131 | 1688 | 8406 | 40693 |
| 2018 | 453.8 | 248.9 | 1072.2 | 571.6 | 3.26 | 1.79 | 7.69 | 4.1 | 20.58 | 443.4 | 338.5 | 310.3 | 299.5 | 251.7 | 1381 | 758 | 3264 | 1740 | 8727 | 42415 |
| 2019 | 483.2 | 232 | 1139.6 | 597.1 | 3.35 | 1.61 | 7.89 | 4.14 | 20.97 | 472.2 | 315.5 | 329.9 | 312.8 | 260.8 | 1463 | 703 | 3451 | 1808 | 9170 | 43720 |
| 2020 | 517.2 | 238.7 | 1087.5 | 570.1 | 3.63 | 1.68 | 7.64 | 4.01 | 20.69 | 505.3 | 324.6 | 314.8 | 298.7 | 257 | 1560 | 720 | 3280 | 1719 | 8880 | 42920 |
| 2021 | 525.8 | 245.6 | 1235.6 | 634.3 | 3.26 | 1.52 | 7.67 | 3.94 | 20.19 | 513.8 | 333.9 | 357.6 | 332.3 | 291.1 | 1583 | 740 | 3721 | 1910 | 9801 | 48539 |
| 2022 | 567.4 | 251.9 | 1301.8 | 677.1 | 3.21 | 1.42 | 7.36 | 3.83 | 19.67 | 554.4 | 342.6 | 376.8 | 354.7 | 319.5 | 1699 | 754 | 3897 | 2027 | 10418 | 52961 |
| 2023 | 625.8 | 259.9 | 1396.5 | 734.8 | 3.32 | 1.38 | 7.42 | 3.9 | 20.1 | 611.5 | 353.4 | 404.2 | 385 | 340.1 | 1858 | 772 | 4146 | 2182 | 11239 | 55917 |
| 2024 | 669 | 270.1 | 1493.6 | 793.3 | 3.36 | 1.36 | 7.51 | 3.99 | 20.55 | 653.6 | 367.3 | 432.3 | 415.6 | 359.3 | 1967 | 794 | 4392 | 2332 | 12021 | 58499 |
Premiums are the poll answer. “Net insurance” is not premiums.
The survey finding that should make a White House nervous is not the drug line. It is premiums. BEA does publish a health-insurance series, and it is easy to misuse. “Net health insurance” in these accounts is a financial-services measure: the service charge, conceptually premiums less benefits, not the monthly premium on a pay stub. In 2024 it was $270 billion, or 1.36% of PCE — smaller than pharmaceutical products, and the slowest of these categories since 2019, up 16.4%.
That does not mean premiums feel small. It means the official insurance line is answering a different question from the one voters were asked. The medicines, hospital stays and doctor visits that insurance and Medicaid actually pay for sit in the Health function, not in net insurance. A Medicaid most-favoured-nation deal, if it lowers what state programmes pay manufacturers for a list of drugs, would show up — if it shows up — in the pharmaceutical-products total and in state budgets, not as a direct cut to the premium that 42% of adults called their top problem.
None of this is an argument that drug prices do not matter. A $669 billion category that has grown faster than the rest of consumption for a generation is not a rounding error, and current-dollar growth mixes price and volume. It is an argument that Friday’s announcement is aimed at one pipe in a system whose bigger pipes are hospitals and physician services, and whose political heat is premiums the BEA net-insurance line does not even try to capture.
Health’s slice of spending, and where the drugs sit
View exact chart values
| year | pharma_bn | insurance_bn | hospitals_bn | physicians_bn | pharma_share_pct | insurance_share_pct | hospitals_share_pct | physicians_share_pct | health_share_pct | pharma_index | insurance_index | hospitals_index | physicians_index | total_index | pharma_per_capita | insurance_per_capita | hospitals_per_capita | physicians_per_capita | health_per_capita | pce_per_capita |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1997 | 102.3 | 73.5 | 345.5 | 190.9 | 1.85 | 1.33 | 6.24 | 3.45 | 16.61 | 100 | 100 | 100 | 100 | 100 | 375 | 270 | 1267 | 700 | 3374 | 20308 |
| 1998 | 118.3 | 80.8 | 360.1 | 202 | 2.01 | 1.37 | 6.13 | 3.44 | 16.67 | 115.5 | 109.8 | 104.2 | 105.8 | 106.1 | 429 | 293 | 1305 | 732 | 3551 | 21306 |
| 1999 | 138.3 | 85.7 | 373.2 | 212.1 | 2.2 | 1.36 | 5.94 | 3.38 | 16.44 | 135.1 | 116.6 | 108 | 111.1 | 113.5 | 496 | 307 | 1338 | 760 | 3703 | 22519 |
| 2000 | 157.1 | 94.4 | 393.9 | 229.2 | 2.32 | 1.39 | 5.82 | 3.39 | 16.4 | 153.4 | 128.3 | 114 | 120.1 | 122.2 | 557 | 334 | 1396 | 812 | 3932 | 23983 |
| 2001 | 178.9 | 101.1 | 427.1 | 249.3 | 2.53 | 1.43 | 6.04 | 3.52 | 17.1 | 174.8 | 137.5 | 123.6 | 130.6 | 127.8 | 628 | 355 | 1499 | 875 | 4244 | 24823 |
| 2002 | 198 | 106.5 | 469.5 | 269.3 | 2.69 | 1.45 | 6.39 | 3.66 | 17.92 | 193.5 | 144.9 | 135.9 | 141.1 | 132.7 | 688 | 370 | 1632 | 936 | 4579 | 25550 |
| 2003 | 217.8 | 116.7 | 498.4 | 291.5 | 2.81 | 1.51 | 6.44 | 3.77 | 18.22 | 212.8 | 158.6 | 144.3 | 152.7 | 139.8 | 751 | 402 | 1718 | 1005 | 4863 | 26682 |
| 2004 | 233.6 | 116.5 | 537.9 | 314.2 | 2.84 | 1.42 | 6.53 | 3.82 | 18.4 | 228.2 | 158.5 | 155.7 | 164.6 | 148.7 | 798 | 398 | 1837 | 1073 | 5174 | 28114 |
| 2005 | 245.5 | 129.4 | 577.2 | 333.9 | 2.8 | 1.48 | 6.58 | 3.81 | 18.39 | 239.9 | 175.9 | 167.1 | 174.9 | 158.4 | 831 | 438 | 1953 | 1130 | 5456 | 29674 |
| 2006 | 272.8 | 130.6 | 617 | 348.5 | 2.94 | 1.41 | 6.65 | 3.76 | 18.49 | 266.6 | 177.7 | 178.6 | 182.6 | 167.6 | 914 | 438 | 2068 | 1168 | 5748 | 31092 |
| 2007 | 289.6 | 131.3 | 658.1 | 365.7 | 2.97 | 1.35 | 6.75 | 3.75 | 18.71 | 283 | 178.5 | 190.5 | 191.6 | 176 | 961 | 436 | 2185 | 1214 | 6053 | 32356 |
| 2008 | 298.9 | 129.1 | 689.8 | 385 | 2.97 | 1.28 | 6.86 | 3.83 | 19 | 292 | 175.5 | 199.7 | 201.7 | 181.5 | 983 | 424 | 2268 | 1266 | 6279 | 33049 |
| 2009 | 312.1 | 122.4 | 736.3 | 397.1 | 3.16 | 1.24 | 7.44 | 4.01 | 20.21 | 304.9 | 166.5 | 213.1 | 208.1 | 178.6 | 1017 | 399 | 2400 | 1295 | 6517 | 32243 |
| 2010 | 322.1 | 143 | 769.9 | 410.5 | 3.14 | 1.39 | 7.5 | 4 | 20.25 | 314.7 | 194.5 | 222.8 | 215.1 | 185.3 | 1041 | 462 | 2488 | 1327 | 6717 | 33164 |
| 2011 | 337.6 | 153.3 | 797 | 426.5 | 3.16 | 1.43 | 7.45 | 3.99 | 20.13 | 329.8 | 208.5 | 230.7 | 223.5 | 193.2 | 1083 | 492 | 2556 | 1368 | 6905 | 34309 |
| 2012 | 349.9 | 145.8 | 830.3 | 441.2 | 3.17 | 1.32 | 7.52 | 3.99 | 20.19 | 341.9 | 198.3 | 240.3 | 231.1 | 199.5 | 1113 | 464 | 2642 | 1404 | 7097 | 35145 |
| 2013 | 360.8 | 154.1 | 857.7 | 444.8 | 3.17 | 1.35 | 7.53 | 3.91 | 20.07 | 352.5 | 209.5 | 248.2 | 233.1 | 205.7 | 1139 | 487 | 2708 | 1405 | 7215 | 35956 |
| 2014 | 387.9 | 177 | 894.6 | 466.2 | 3.27 | 1.49 | 7.53 | 3.93 | 20.17 | 379.1 | 240.7 | 258.9 | 244.2 | 214.5 | 1215 | 555 | 2802 | 1460 | 7502 | 37194 |
| 2015 | 413 | 187.1 | 949.5 | 496.1 | 3.36 | 1.52 | 7.72 | 4.03 | 20.62 | 403.6 | 254.4 | 274.8 | 259.9 | 222.1 | 1283 | 581 | 2950 | 1542 | 7881 | 38213 |
| 2016 | 423 | 200.1 | 992.6 | 526.5 | 3.32 | 1.57 | 7.8 | 4.14 | 20.84 | 413.4 | 272.2 | 287.3 | 275.8 | 229.9 | 1304 | 617 | 3060 | 1623 | 8177 | 39238 |
| 2017 | 435.1 | 215.2 | 1022.7 | 551.4 | 3.27 | 1.62 | 7.69 | 4.15 | 20.66 | 425.1 | 292.6 | 296 | 288.9 | 240 | 1332 | 659 | 3131 | 1688 | 8406 | 40693 |
| 2018 | 453.8 | 248.9 | 1072.2 | 571.6 | 3.26 | 1.79 | 7.69 | 4.1 | 20.58 | 443.4 | 338.5 | 310.3 | 299.5 | 251.7 | 1381 | 758 | 3264 | 1740 | 8727 | 42415 |
| 2019 | 483.2 | 232 | 1139.6 | 597.1 | 3.35 | 1.61 | 7.89 | 4.14 | 20.97 | 472.2 | 315.5 | 329.9 | 312.8 | 260.8 | 1463 | 703 | 3451 | 1808 | 9170 | 43720 |
| 2020 | 517.2 | 238.7 | 1087.5 | 570.1 | 3.63 | 1.68 | 7.64 | 4.01 | 20.69 | 505.3 | 324.6 | 314.8 | 298.7 | 257 | 1560 | 720 | 3280 | 1719 | 8880 | 42920 |
| 2021 | 525.8 | 245.6 | 1235.6 | 634.3 | 3.26 | 1.52 | 7.67 | 3.94 | 20.19 | 513.8 | 333.9 | 357.6 | 332.3 | 291.1 | 1583 | 740 | 3721 | 1910 | 9801 | 48539 |
| 2022 | 567.4 | 251.9 | 1301.8 | 677.1 | 3.21 | 1.42 | 7.36 | 3.83 | 19.67 | 554.4 | 342.6 | 376.8 | 354.7 | 319.5 | 1699 | 754 | 3897 | 2027 | 10418 | 52961 |
| 2023 | 625.8 | 259.9 | 1396.5 | 734.8 | 3.32 | 1.38 | 7.42 | 3.9 | 20.1 | 611.5 | 353.4 | 404.2 | 385 | 340.1 | 1858 | 772 | 4146 | 2182 | 11239 | 55917 |
| 2024 | 669 | 270.1 | 1493.6 | 793.3 | 3.36 | 1.36 | 7.51 | 3.99 | 20.55 | 653.6 | 367.3 | 432.3 | 415.6 | 359.3 | 1967 | 794 | 4392 | 2332 | 12021 | 58499 |
Since 2019, drugs grew fastest. Hospitals still added more dollars.
View exact chart values
| category | increase_bn | pct_change |
|---|---|---|
| Pharmaceutical products | 185.7 | 38.4 |
| Physician services | 196.2 | 32.9 |
| Hospitals | 354 | 31.1 |
| Total PCE | 5458.5 | 37.8 |
| Net health insurance | 38.1 | 16.4 |
Sources and methods
Figures use BEA Personal Consumption Expenditures by State (SAPCE), release dated 26 September 2025, snapshot created 31 August 2026. Calendar years 1997–2024; 2024 is the latest complete year. Values are current (nominal) dollars; growth therefore mixes price and quantity.
Pharmaceutical products, hospitals and physician services are lines inside the household Health function. Net health insurance is a separate Financial services and insurance line and is not added into the Health function. Shares are each series divided by total PCE. Implied per-person amounts apply those shares to BEA per-capita PCE; they are not a published per-capita pharmaceutical series and are not household out-of-pocket averages.
PCE records consumption of medical goods and services including payments by private insurers and government programmes. It is not a measure of premiums, copays or Medicaid acquisition prices. No causal effect is inferred for the administration’s most-favoured-nation Medicaid model, whose contract terms are not in these accounts.
Provider lag is normal. These are not current-day 2026 observations.
Research completed 2026-09-19, for the September 18, 2026 news edition. The available source data may cover earlier periods; see the observation periods and source vintages above.