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PRESCRIPTION DRUG COSTS
August 30, 2005
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AARP surveys prescription drug costs annually. The data for their most recent survey, ending March 31, are now available. This survey looks at costs for both the brand name as well as generic prescription drugs most commonly used by older Americans.
Once again, wholesale prices for these brand name prescription medications rose at more than twice the general rate of inflation. The general rate of inflation for 2004 was 3%. The wholesale prices for the 195 brand name prescription medications in this survey increased 6.6%. The medical rate of inflation for the past five years has been in the low double digits, 10-14%. This rate in 2005 may be moderating a bit, and many economists predict the rate for this year may be 9%.
The brand name prescription medications with the biggest price increases in 2005, thus far, are:
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- Angiotensin II receptor antagonists and calcium channel blockers for blood pressure;
- Insulin sensitizing drugs for diabetes mellitus; and
- Combivent, an aerosol medication delivered through an inhaler.
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