Double-digit percentage increases of drugs have been common since 2011, and quadruple-digit prices have been seen for many cheaper medications.
A number of Republican leaders have called for repeal of the Affordable Care Act in early 2017, but a replacement plan could take much longer to craft.
CNBC's Bertha Coombs speaks with Andy Slavitt, CMS acting administrator, about health care under the upcoming Trump administration and the Republican push to repeal and replace Obamacare.
Toby Cosgrove, The Cleveland Clinic CEO, talks about the president-elect's plans to "bend the curve" on health care costs. We have to have a better delivery system, says Cosgrove.
The American Academy of Actuaries said more insurers could bolt the market, and fewer people could end up being insured if no replacement plan is in place.
President-elect Donald Trump made his promise, which echoes past criticisms on drug pricing, in an interview for Time magazine's Person of the Year issue.
In an interview with CNBC, Paul Ryan hammered President Barack Obama's health care law Wednesday, stressing that he plans to use the early days of Donald Trump's presidency to "fix" the insurance system.
Ryan and his House GOP colleagues have tried numerous times to repeal the law but were never able to during Obama's tenure.
House Speaker Paul Ryan, (R-Wis.), shares the GOP's plans for a "big, bold agenda," including regulatory reform, Obamacare relief, securing the border and tax reform. You have to plug loopholes so you can lower rates, says Ryan.
House Speaker Paul Ryan (R-Wis.) talks about the GOP agenda before and after President-elect Trump takes office, including Obamacare law legislation. We will have a transition period that will be reasonable, says Ryan.