Prescription Drug Costs Soar, Doubling in 7 Years

Thanks to drug manufacturer price hikes, the average cost for a year’s supply of a prescription drug has jumped to more than $11,000, or about 75 percent of the average annual Social Security retirement benefit and half the median income of someone on Medicare. This latest bad news for older patients’ pocketbooks come from a new AARP Public Policy Institute report, which shows retail prices for widely used medications increased at six times the rate of general inflation in 2013. …