Prescription drug prices have continued to skyrocket. A recent congressional report found that the prices of the 20 most-prescribed drugs under Medicare Part D have increased substantially, having risen ten times faster than inflation over the past five years. On average, manufacturers increased prices for these drugs by twelve percent each year. As a result, during the same five-year period, twelve of these drugs saw price increases of over 50 percent, and six saw price increases of 100 percent.
Another analysis, which was conducted by Pharmacy Benefits Consultants, found that over the past 14 months, 20 prescription drugs saw price increases of more than 200 percent. These excessive prices are harming patients. Research shows that patients often skip essential medications due to cost.
