The economic cost of the opioid crisis was $504 billion in 2015 — more than six times the most recently estimated cost of the epidemic, according to a new White House report.
According to the Council of Economic Advisers report, more than 50,000 Americans died of a drug overdose in 2015, of which 63 percent reportedly involved opioids.
Opioids are prescribed to reduce pain for people recovering from surgery or undergoing medical treatment, but also have a high potential for abuse. Users often move to other lethal, non-medicinal drugs such as heroin, which produces a similar effect but is much less expensive.
The rate of opioid-involved overdoses has doubled in the past years and quadrupled in the past 16, according to the CEA report.
The report also revealed most of the opioid-involved deaths were of those between the ages of 25 and 55. The overall fatality rate ranged from 16 to 22 deaths per 100,000 people.
Because of research showing that opioid usage is underreported on death certificates, the CEA estimates 41,000 overdose deaths involved opioids as opposed to the original number of 33,000 official reported deaths.
The report to be released in full on Monday is the first of its kind, but the CEA says it will not be the last.
“This is the first but not the last publication CEA plans to issue on the opioid crisis to provide policymakers with the economic analysis needed to review and assess potential policy options,” the report stated.
“A better understanding of the economic causes contributing to the crisis is crucial for evaluating the success of various interventions to combat it.”
