The price of the 20 most prescribed brand-name drugs in the Medicare Part D program increased an average 12% per year between 2012 and 2017, about 10 times more than the average annual rate of inflation, according to a report released this week by Sen. Claire McCaskill (D-MO), ranking member of the Senate Homeland Security and Governmental Affairs Committee. Total price increases for the 20 drugs ranged from 31% to 477% over the five-year period, with six of the drugs more than doubling in price, based on the annual weighted average wholesale acquisition cost. “These findings underscore the need for further investigation by the committee and other policymakers into dramatic price spikes and their impact on health care system costs and financial burdens for the growing U.S. senior population,” the report states.

Related News Articles

Headline
About 34 percent of uninsured U.S. adults did not take their medication as prescribed in 2017 in order to reduce their prescription drug costs, according to a…
Headline
The Medicare Payment Advisory Commission Friday released its March report to Congress.
Perspective
As our country works to expand health coverage and improve access to care, “Medicare for All” is getting a lot of attention. There are many different flavors…
Headline
Legislative proposals for a Medicare public option could negatively affect patient access to care and significantly reduce payments to hospitals, AHA Executive…
Headline
The Centers for Medicare & Medicaid Services today updated its Medicare and Medicaid drug spending dashboards with 2017 data.
Headline
The House Energy and Commerce Health Subcommittee today held a hearing to discuss seven bills aimed at increasing competition in the prescription drug market…