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
The Centers for Medicare & Medicaid Services yesterday released a fact sheet for state and local governments seeking Medicare, Medicaid or Children’s…
Headline
Over 1,750 Medicare Part D prescription drug plans and Medicare Advantage plans with prescription drug coverage have applied to offer lower insulin costs…
Headline
The Government Accountability Office today named three new members to the Medicare Payment Advisory Commission through April 2023. They are: Wayne…
Headline
More than half of U.S. adults aged 70 and older have experienced a disruption in their medical care during the first month of social distancing for COVID-19,…
Headline
The AHA and other national hospital organizations today urged the Department of Health and Human Services and Centers for Medicare & Medicaid Services to…
Headline
The Medicare Hospital Insurance Trust Fund will have sufficient funds to pay full benefits until 2026, according to the latest annual report from the…