NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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John Bieler

Economist
Consumer Price Index
U.S. Bureau of Labor Statistics
Washington DC, 20002
201-691-5407

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: U.S. Bureau of Labor Statistics

NBER Working Papers and Publications

January 2018An Evaluation of the CPI Indexes for Prescription Drugs
with Barry Bosworth, Michael Kleinrock, Eric Koepcke, Ernst R. Berndt: w24210
The prescription drug component of the Consumer Price Index (CPI measures recent and past drug price changes, and provides the basis for projecting future price trends and health care expenditures. However, there are concerns about the adequacy of the price data because of recent changes in the structure of the market for prescription drugs. We compare the prescription drug data of the CPI with a large alternative data set from the IQVIA Institute for Human Data Science. We analyze the overall consistency if the data from the two sources, and examine the influence of the large shift from brand to generic drug sales and the increased reliance on third party insurance plans that are excluded from the CPI sampling frame.
 
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