The amount of money spent on medicines by each American this year will decline slightly to $800 per person and spending will continue at this level through 2022, thanks to moderating price hikes and the loss of patent protection on many drugs, a new report forecasts.

Moreover, 2018 will mark the third consecutive year in which U.S. per capita spending on pharmaceuticals will fall, reflecting discounts and rebates extracted from drug makers and overall slowing spending growth, according to the IQVIA Institute for Human Data Science. Overall, spending will rise 4 percent to 7 percent through 2022 on a compounded annual growth rate.

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