Prescription Drug Prices Increased by 9.4% in 2013

AARP recently released a study on the pricing trends of 622 widely used prescription drugs. Here are some key findings from the report:

·         In 2013, the average cost of a drug was more than $11,000 per drug per year.

·         This cost is more than twice the average annual cost ($5,571) in 2006.

·         Retail prices for widely used prescription drugs increased by 9.4% in 2013.

·         The price increase was more than six times higher than the inflation rate of 1.5%.

·         Brand name and specialty drugs experienced price increases of 12.9% and 10.6%.

·         Generic drug prices decreased 4.0% in 2013.

Source: AARP, February 2016