The Rising Costs of Prescription Drugs
Exorbitant prescription drug prices are a hot button issue right now with no end in sight. From public outrage to Congressional hearings to pharma's 'bad boy,' Martin Shkreli, the concern about high drug costs isn't going away any time soon. And coming down the pike is a pipeline full of very expensive specialty medications.
A new AARP report shows the prices of prescription medications are rising much faster than inflation. Recent data show that retail prices for over 600 of the prescription drugs most widely used by older adults increased at a rate that is 6 X higher than the inflation rate. This trend is unsustainable by any measure. The average cost for just one drug is $11,000 per year! More and more Americans are finding that they simply can't afford the prescription drugs that they need to stay healthy. As drug prices go up, all consumers get stuck with the bill in one way or another.
Leigh Purvis, the Director of Health Services Research at AARP Public Policy Institute,talks about the current trends in retail prices of prescription drugs and highlights from the latest Rx Price Watch Report.