The latest effort to chronicle the cost of prescription drugs found that retail prices for more than 600 of the most widely used medicines rose an average of 9.4 percent in 2013. This was also substantially higher than the average annual increase registered over the previous seven years and exceeded inflation during that time, according to AARP, which released the report today.
The advocacy group found that the average annual cost among the 622 medicines examined was $11,000. More specifically, the cost was $2,960 for brand-name drugs, $283 for generics and $53,384 for specialty medicines, which are typically injected or infused. In percentage terms, brand-name drug prices rose, on average 12.9 percent, while specialty medicines increased an average of 10.6 percent.
“If these trends continue, more and more Americans will simply be unable to afford the medications that they need to get and stay healthy,” said Debra Williams, AARP chief public policy officer, in a statement. “As drug prices continue to escalate, so do our monthly premiums and our out-of-pocket costs at the pharmacy counter.”
About the Author Reprints
