JACKSON, Miss. – The price of brand-name drugs, used mostly by senior citizens, have risen nearly 130 times faster than the rate of inflation over the past year.
The research done by RX Price Watch examined 268 brand-name prescription drugs widely used by older Americans, including 49 in drug categories that are used to treat chronic, as well as common, conditions.
The average increase in the prices of drugs in 2015 rose 15.5 percent, compare that to the AARP’s claim that the inflation rate rose only 0.1 percent.
Findings revealed that the average senior takes 4.5 prescription drugs a month, making their average yearly drug costs around $26,000. The report did mention that these total costs may not represent the out-of-pocket costs a Medicare patient would actually pay.
In conclusion, of the 268 drugs included in the report, 97 percent had a price increase in 2015.