The retail price of prescription drugs commonly used by older Americans has continued to increased faster than inflation, according to a new analysis from AARP. This marks the 12th year in a row that there has been a substantial increase in prices.
Pelosi unveils plan to lower drug pricesAARP's Public Policy Institute looked at the retail prices of 754 widely used brand name, generic and specialty drugs used by older Americans and found that the cost increased by an average of 4.2% in 2017 -- twice the rate of general inflation for that same time period. This is lower than the drug price increases observed in previous years, but it's a tepid improvement.
If you are paying a lot for your drugs and you would like a smaller bill, other than making calls to your representatives, health care experts do say that you should talk with your pharmacist and doctor, to investigate what, if any alternatives are available that may be less expensive.Ultimately, what could make a difference, Purvis thinks, is public opinion. "There is wide bipartisan and public support, now more than ever, that this needs to change," Purvis said.
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