Rising Prescription Drug Prices in 2020: AARP Report Highlights Excessive Cost Increases
January 18, 2024
In 2020, AARP identified the top 10 drugs with price increases exceeding the 1.3% inflation rate. The highest increase was 20.8% for Nerlynx, a breast cancer drug, followed by Actemra (rheumatoid arthritis) at 11% and Tyvaso (hypertension) at 9.6%. Others include Ativan (anxiety/depression) and Velphoro (kidney disease). Additional drugs mentioned are Xyrem (narcolepsy), Vascepa (heart attack/stroke prevention), Tymlos (osteoporosis), Northera (low blood pressure), and Xifaxan (irritable bowel syndrome). The average annual cost for common drugs was $26,000, potentially $14,000 less without such price hikes. The Inflation Reduction Act 2022 addressed these increases after this period. The Department of Health and Human Services reported over 1,200 drugs rising faster than inflation in a year. AARP’s Leigh Purvis highlights the impact of generics on affordability and urges legislative action against Big Pharma’s anti-generic tactics.
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[Source: MM+M, January 18th, 2024]
