16 Dec AARP: Retail Price of Brand Name Drugs Rising Sharply

MedicalResearch.com Interview with:

Leigh Purvis

Leigh Purvis, MPA
AARP PPI Director of Health Services Research

MedicalResearch.com: What is the background for this study? What are the main findings?

Response: This report is part of an ongoing series that AARP has been publishing since 2004. The report focuses on brand name prescription drugs that are widely used by older Americans and found that, on average, their retail prices increased almost 130 times faster than general inflation in 2015. The report also found that the average annual cost for one brand name medication used on a chronic basis was more than $5,800 in 2015, almost $1,000 higher than the average annual cost of therapy in 2014.

MedicalResearch.com: What should readers take away from your report?

Response: A lot of the recent media attention on prescription drug prices has focused on particularly egregious pricing practices. However, this report demonstrates that high and growing prescription drug prices are actually a long-standing, system-wide problem

MedicalResearch.com: What recommendations do you have for future research as a result of this study?

Response: Prescription drug prices ultimately affect everyone. For example, even if you aren’t taking a prescription drug yourself, the costs associated with such products are reflected in your health insurance premiums and cost sharing. Over time, prescription drug price growth could also lead to higher taxes and/or cuts to public programs to accommodate increased government spending. Quantifying these indirect costs would help consumers and policymakers understand the importance of prescription drug prices.

MedicalResearch.com: Is there anything else you would like to add?
1. Response: The results of this report really drives home the fact that we will never be able to get health care costs under control as long as drug manufacturers are free to set high prices and then increase them at will.

MedicalResearch.com: Thank you for your contribution to the MedicalResearch.com community.

Citation:
Rx Price Watch Report: Trends in Retail Prices of Brand Name Prescription Drugs Widely Used by Older Americans, 2006-2015
by Leigh Purvis, and Dr. Stephen Schondelmeyer (PRIME Institute, University of Minnesota), Public Policy Institute, December 14, 2016

Note: Content is Not intended as medical advice. Please consult your health care provider regarding your specific medical condition and questions.
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Last Updated on December 16, 2016 by Marie Benz MD FAAD