Many senior citizens use common brand name medications and the prices of these medications have been soaring! They actually went up 130 times faster than inflammation last year. Chief public policy officer at the AARP, Debra Whitman explained, “This new report once again highlights the high and unrelenting price increases that are shockingly common in the pharmaceutical market. What’s particularly remarkable is that these incredibly high price increases are still occurring in the face of the intense public and congressional criticism of prescription drug pricing practices.”
General inflation for 2015 was 0.1 percent, but costs of medications on average rose 15.5 percent, which is a significant increase.
Ninety-seven percent of the drugs that the researchers looked at had a price increase in 2015, and seven of them had a price increase of over 50 percent or more.
Co-author of the study, Leigh Purvis added, “Prescription drug therapy is not affordable when its cost exceeds the patient’s entire income. Even if patients are fortunate enough to have good health care coverage, high prescription drug costs translate into higher out-of-pocket costs — especially for those who pay a percentage of drug costs rather than a fixed co-payment — as well as higher premiums, deductibles and other forms of cost-sharing.”