skip to main content
skip to newscasts

Thursday, March 28, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Pulling back the curtains on wage-theft enforcement in MN; Trump's latest attack is on RFK, Jr; NM LGBTQ+ equality group endorses 2024 'Rock Star' candidates; Michigan's youth justice reforms: Expanded diversion, no fees.

view newscast page
play newscast audioPlay

Transportation Secretary Pete Buttigieg says rebuilding Baltimore's Key Bridge will be challenging and expensive. An Alabama Democrat flips a state legislature seat and former Connecticut senator Joe Lieberman dies at 82.

view newscast page
play newscast audioPlay

Historic wildfires could create housing and health issues for rural Texans, a Kentucky program helps prison parolees start a new life, and descendants of Nicodemus, Kansas celebrate the Black settlers who journeyed across the 1870s plains seeking self-governance.

Prescription-Drug Prices Rise at Twice Inflation

play audio
Play

Friday, September 20, 2019   

CHARLESTON, W.Va. – Prescription-drug price hikes have been twice the rate of general inflation for more than a decade, according to a new report.

The research – from the AARP Public Policy Institute's "Rx Price Watch Report" series – shows that between 2006 and 2017, prescription medications widely used by older Americans increased in price 4.2%.

That's double the price increases for other consumer goods and services.

Report co-author Leigh Purvis, director of health services research for AARP's Public Policy Institute, attributes the findings primarily to increases for brand name and specialty drugs, which she says more than offset price decreases among generic drugs.

"There's really nothing in the U.S. health care system to stop drug manufacturers from setting very high prescription drug prices and then, increasing them pretty much any time they want,” she states. “And unfortunately, what we're seeing is the repercussions of that, where we have these incredibly high priced products that also are increasing in price every year that they're on the market."

The report found in 2017, the average annual cost of one widely used drug was roughly $20,000.

Purvis says that cost would have been about $12,000 lower if price changes had been limited to the inflation rate between 2006 and 2017.

The research predicts if these trends continue, people could struggle to access and pay for medications they need, which would in turn lead to poor health outcomes and higher health care costs.

Purvis adds it's an issue that affects everyone – even those who don't take prescription medications.

"So, you're either paying for them as a patient at the pharmacy counter, or you’re paying for them through your health insurance, because they're built into your premiums and your cost-sharing,” she points out.

“And you're also paying for them as a taxpayer. Public programs pay for prescription drugs, and these high prices are being paid for with your taxes."

The average cost of one commonly prescribed drug in 2017 was about 20% higher than the average annual Social Security retirement income and almost one-third of the median U.S. household income.




get more stories like this via email

more stories
Many factors affect a customer's bill amount, including energy usage, weather, and the number of days in a billing period, according to Arizona Public Service. (Jason Yoder/Adobe Stock)

Social Issues

play sound

Earlier this month, a new Arizona Public Service rate hike went into effect and one senior advocacy group said those on a fixed income may struggle …


Social Issues

play sound

Michigan recently implemented a significant juvenile justice reform package following recommendations from a task force made up of prosecutors…

Social Issues

play sound

A mix of policy updates and staffing boosts has helped to put wage theft enforcement on the radar in Minnesota, and officials leading the efforts are …


More than six in 10 Americans favor keeping the abortion pill mifepristone available in the U.S. as a prescription drug, while over a third are opposed, according to a Gallup poll. (Adobe Stock)

Social Issues

play sound

New research shows more than six in 10 abortions in the U.S. last year were medically induced, and U.S. Sen. Catherine Cortez Masto - D-NV - is …

Social Issues

play sound

Colorado is working to boost the state's agricultural communities by getting more fresh, nutritious foods into school cafeterias - and a new online …

Social media platform X temporarily shutdown searches of "Taylor Swift" following the release of explicit deepfake images in early 2024. (Mdv Edwards/Adobe Stock)

Social Issues

play sound

Missouri lawmakers are concerned with protecting people from the potential risks of the increasing accessibility of AI-generated images and videos…

Social Issues

play sound

A 2023 study from the University of Nebraska Medical Center concluded the number of Nebraskans with a mental health or substance abuse disorder has pr…

Environment

play sound

A farm group is helping Iowa agriculture producers find ways to reduce the amount of nitrogen they use on their crops. Excess nitrates can wind up …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021