Fifteen years ago, President George W. Bush signed the Medicare Prescription Drug, Improvement, and Modernization Act which, among other things, created Medicare Part D to cover outpatient prescription drugs. Today, more than 40 million Americans are enrolled in Medicare Part D prescription drug plans.
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.
Inexpensive generic drugs have helped millions of Americans save money on brand-name medication, but lately soaring prices on some longtime generics are prompting investigations into this pricing U-turn by pharmaceutical companies.
Deals between brand-name drugmakers and their generic drug competitors that keep cheaper products off the market might illegally prevent competition, the U.S. Supreme Court ruled June 17.
If you owned the bestselling prescription drug of all time and its patent was about to expire, how would you prepare for competition from generic drugs?
AARP released a report today that finds that prices of widely used brand name prescription drugs skyrocketed last year - "skyrocketed" meaning climbed more than eight percent (8%) even while general inflation remained negative. The New York Times covered the findings here.
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