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.
As negotiators meet on the Trans-Pacific Partnership (TPP) in Atlanta, AARP is again urging them to be mindful of the consumers who depend on prescription drugs to manage their health conditions. We continue to have serious concerns with the direction of the TPP negotiations on key issues that will have long-lasting effects on access to affordable prescriptions in the U.S. and around the world.
AARP continues to voice its serious concerns about the current draft of the Trans-Pacific Partnership (TPP), a massive trade agreement that will affect millions of people here in the U.S. and abroad and could set an unfortunate precedent for future trade agreements. The draft agreement contains provisions that add to the profits of the brand-name pharmaceutical industry at the expense of patients and older Americans. In fact, some of the TPP provisions run counter to current U.S. laws that are in place to protect consumers’ access to affordable medicines.
En español | Prices for generic drugs most commonly used by older Americans fell by the smallest percentage since 2006, with 1 in 4 rising in price — some by more than 1,000 percent, according to a new report from AARP’s Public Policy Institute (PPI).
For decades, doctors, drug companies and the Food and Drug Administration have assured us that low-cost prescription generic drugs - which make up an estimated 80 percent of the prescription medicines we take - work just as well as the costlier brand-name drugs they mimic.
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?
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