The average price of 25 prescription brand name drugs with the highest Medicare D spending increased by 226%, AARP reported. But provisions in the Inflation Reduction Act aim to lower the costs of Medicare coverage for retirees.
In fact, the list prices for the 25 brand-name drugs with the highest total Medicare Part D spending in 2021 have increased by 226% on average since these medications entered the market, the AARP reported. And the prices of some medications used by more than 10 million Medicare Part D enrollees more than tripled, according to the report.
Overall, these price hikes ranged from 20% to 739%, according to the report. Taken together, these 25 drugs accounted for $80.9 billion in total Medicare Part D spending in 2021 or about 37% of total spending, the AARP said. In addition, the price of all these drugs — except for one — has exceeded the annualThe price of Enbrel, a medication used to treat rheumatoid arthritis and psoriatic arthritis, has increased by 701% since being released in 1998.
"Brand-name drug prices have increased dramatically faster than inflation for decades," Leigh Purvis, the prescription drug policy principal at the AARP Public Policy Institute, said in a statement. "The median price of a new brand-name prescription drug is now approximately $200,000 per year, so even relatively small percentage price increases can translate into thousands of dollars and put life-saving medications out of reach of the patients who need them.
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