The average cost for a year’s supply of a prescription drug doubled in just seven years to more than $11,000 — about three-quarters of the average annual Social Security benefit.
That’s according to the latest study of price trends for widely-used drugs conducted by AARP, the senior citizens advocacy group. It finds prices for existing drugs, driven entirely by manufacturer price hikes, have been rising more quickly since 2007 and likely will continue to do so.
AARP says its research shows drugmaker price hikes imposed one or more times a year are making prescription medicines increasingly unaffordable for retirees and many other patients. That’s particularly true for people taking multiple drugs or needing long-term medication for chronic health problems, not to mention the uninsured.
An August poll by the Kaiser Family Foundation found 24 percent of Americans were having trouble paying for their medicines. That rose to 43 percent for those in poor health.
Retail prices for already-approved medicines often are increased 10 percent or more each year. That exacerbates the sting of six-figure prices for many newly launched drugs, plus exorbitant spikes in prices of some generic drugs with limited competition. Those trends have triggered multiple congressional investigations since last summer and made prescription drug prices a hot issue in the presidential race.