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Wednesday, March 2, 2016

Big Pharma has doubled the price of drugs over the past 7 years

AARP: Price hikes doubled average drug price over 7 years
The average cost for a year's supply of a prescription drug doubled in just seven years to more than $11,000 — about three-quarters of the average annual Social Security benefit.
That's according to the latest study of price trends for widely used drugs conducted by AARP, the senior citizens advocacy group. It finds prices for existing drugs, driven entirely by manufacturer price hikes, have been rising more quickly since 2007 and likely will continue to do so.
AARP says its research shows drugmaker price hikes imposed one or more times a year are making prescription medicines increasingly unaffordable for retirees and many other patients. That's particularly true for people taking multiple drugs or needing long-term medication for chronic health problems, not to mention the uninsured.
Drug Price Hikes in 7 Years Push Seniors' Annual Rx Cost to $11K
Drug price hikes over the past seven years have pushed annual medication costs to more than $11,000 for average older Americans, threatening their ability to afford the medicines they need if the trend continues, according to an AARP study.
According to the AARP blog, the increased prescription drug costs represent 75 percent of the average annual Social Security retirement benefit and half the median income on Medicare. The figures come from the AARP's Public Policy Institute Report, noted the nonprofit.
"If these trends continue, more and more Americans will simply be unable to afford the medications that they need to get and stay healthy," Debra Whitman, AARP's chief public policy officer, said on the AARP blog.
AARP: Price hikes doubled average drug price over 7 years - Yahoo News
The average cost for a year's supply of a prescription drug doubled in just seven years to
more than $11,000 — about three-quarters of the average annual Social Security benefit.
That's according to the latest study of price trends for widely-used drugs conducted by AARP, the senior citizens advocacy group. It finds prices for existing drugs, driven entirely by manufacturer price hikes, have been rising more quickly since 2007 and likely will continue to do so.
AARP says its research shows drugmaker price hikes imposed one or more times a year are making prescription medicines increasingly unaffordable for retirees and many other patients. That's particularly true for people taking multiple drugs or needing long-term medication for chronic health problems, not to mention the uninsured.
An August poll by the Kaiser Family Foundation found 24 percent of Americans were having trouble paying for their medicines. That rose to 43 percent for those in poor health.

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