Prescription-drug prices on the rise

[OhioChick]

Source: MSN Money

Wednesday, August 25, 2010 12:56 PM
This won't be a surprise to anyone who regularly fills a prescription: The price of name-brand drugs has risen 8.3% in the past year, far faster than the rate of inflation.

In a report (.pdf file) that looked at prices over five years, AARP found that prices for 207 name-brand drugs commonly taken by Medicare beneficiaries had increased 41.5% since 2004, compared with an inflation rate of 13.3%.

For people who take more than one prescription drug to treat chronic conditions, the impact can be substantial. A patient who regularly takes three name-brand drugs would have paid nearly $1,900 a year more in 2009 than in 2004. The report looked at retail prices of drugs, and many patients with insurance pay less.

Industry officials challenged AARP's finding, telling The New York Times that the AARP report doesn't reflect the widespread use of generic drugs. A U.S. government study of all drug prices, conducted for the Consumer Price Index, found that drug prices overall rose 3.4% in 2009. About 75% of all prescriptions in the United States are now generics, the Times reported.


Read more: http://articles.moneycentral.msn.com/Insurance/article.aspx?post=1796898>1=33004

[Newsjock]

1. There is no inflation, and stop saying that there is!

:sarcasm:

[pscot]

2. This isn't inflation, it's profiteering

We have to buy from them and they're guaranteed there wont be any competition. It's a government sanctioned monopoly. The Whithouse made a deal with Billy Tauzin that gave big pharma the right to fleece the American people. Now we're learning how much we were sold for.

[SharonAnn]

5. In other news, "Water is wet!"

[Warpy]

3. I know, my usually over conservative rheumatologist

is now prescribing 3 months of pain meds at a time, instead of one month with two refills. Since I've been on the same dose of the same drug for 4 years, I guess he figures I'm not one of the people who will run into trouble with that many pills and he's right. Being a zombie doesn't appeal to me, I just want to function.

Still, I do get about a 15% discount on getting that many pills at once, so it's a good deal. I think he's being proactive on the price change since he knows I'm uninsured and likely to remain so.

[Kringle]

4. is Obama for or against, importation of gray market meds?

please enlighten me,

I haven't keep up
with the issue

[JoeyT]

6. Good thing we can't import them from Canada.

We're all for free trade unless it benefits someone that isn't already a billionaire.