Prescription drug costs are rising twice as fast as inflation, AARP says – Lexington-Fayette, Kentucky

Lexington-Fayette, Kentucky 2021-06-10 15:18:18 –

Currently, almost all prices are rising. But there is one important product whose prices continue to outpace inflation. It’s a drug.

Leigh Purvis, head of health care and access at AARP’s Institute for Public Policy, says drug costs are more than double the inflation rate.

AARP has been investigating the prices of prescription drugs commonly used by older Americans for the past 16 years. Every year, prices rise faster than inflation.

Between 2019 and 2020, prescription drug prices rose by nearly 3%. From January 2006 to December 2020, retail prices for 654 branded drugs rose by an average of 277%. It’s like a gallon of milk selling for $ 12.18 compared to the 2016 price.

There is a silver lining — last year’s increase was low compared to the last few years.

“Recently, there has been a high level of scrutiny of the pricing practices of well-known pharmaceutical companies, and I think their actions have responded to some extent,” Purvis said. “They are confident that policy makers are looking at ways to lower the price of prescription drugs, or at least reduce their price increases, and their actions are in line with that level of scrutiny. I think that there.”

AARP is lobbying for a resolution that will allow Medicare to negotiate with pharmaceutical companies to reduce prices. They also advocate creating strict out-of-pocket limits under Medicare Apartment D, which pays for prescription drugs. They also support penalizing pharmaceutical companies that raise prices faster than inflation.

“Something else that’s really important for Medicare beneficiaries is to look up extra help, a program that can help Medicare Apartment D subscribers with their premiums and out-of-pocket costs,” Purvis said. I will.

AARP also encourages patients to consult their doctor or pharmacist for low-cost alternatives.

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