Rx Drug Prices for Seniors’ drugs increase 80% faster than inflation in 2005
From Reuters:
U.S. prices for brand name prescription medications used most byolder patients rose an average 6 percent in 2005, outpacing inflationfor the sixth year in a row, according to a report released on Monday.
Infact, the price drug makers charge wholesalers and other purchases forbranded drugs has risen 40 percent since 1999, compared with inflation,which grew 17 percent, AARP researchers found. In 2005, inflation was3.4 percent.
The nation’s largest consumer group for the elderlyreviewed 193 medications mostly for arthritis pain, osteoporosis, heartdisease, high blood pressure, and other ailments that affect olderAmericans.
“Brand name drugs have become substantially lessaffordable for consumers at the same time they are becoming ever moreessential to good medical care,” said John Rother, AARP’s director ofpolicy and strategy.
Rother said the higher costs can be expected to trickle down to consumers.
“Theseprices are reflected both in higher premiums for drug coverage as wellas in higher out of pocket costs at the pharmacy counter,” he said.