Prices for brand-name prescription drugs used by older Americans have increased three times faster than the rate of inflation in each of the past four years, according to a study released Tuesday by AARP, a nonprofit group that addresses the needs and interests of people 50 and older.
The study, “Trends in Manufacturer Prices of Brand Name Prescription Drugs Used by Older Americans, 2000-2003,” tracked the prices of 197 of the most widely used brand-name drugs in each year from 2000 to 2003.
“For all but four of the 197 brand name drugs in this study’s sample of widely used brand name drug products, price increases were greater-and most were far greater-than the growth in Social Security income, which is pegged to the rate of general inflation,” according to the study.
AARP is concerned about the price jump on prescription drugs and the financial impact it will have on older patients.
“If the price of drugs keeps going up faster than inflation, it will become more and more difficult for consumers, especially older consumers, to be able to afford them,” said John Rother, Director of AARP’s Office of Policy and Strategy.
(via AARP)
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