Drugs ain’t getting any cheaper. I know you know this, but there’s a report out today by AARP to back up the pain you’re feeling. In fact, drug companies have substantially raised prices on 220 brand name prescription drugs most commonly used by people in Medicare Part D since the implementation of the drug benefit four year ago.
Ouch! When you dig in the news is especially grim – the prices of brand name drugs most commonly used by people in Medicare Part D rose by an average of 7.4 percent in 2007 – nearly two and a half times the rate of general inflation. The average cost of drugs to treat chronic conditions (like asthma and diabetes) exploded from $80 per year per prescription in 2002, to $151 in 2007.
Check out the full report. What stinks is that these skyrocketing prices increase the likelihood of higher insurance premiums and the chance that people will fall into Medicare’s coverage gap (also known as the donut hole). Everyone needs help with drug costs, which is why it’s time for things like importation and speedy introduction of low cost generic drugs.