Yes, inflation is high. But prices on 1,000+ prescription drugs rose even higher

A new report from the federal Department of Health and Human Services finds that prices of 1,216 pharmaceutical products increased well past the average U.S. inflation rate in 2021.

While inflation averaged 8.5% on groceries, gas and other products from July 2021 to July 2022, the prices of prescription drugs rose by an average of 31.6%.

“Spending growth on drugs was largely due to growth in spending per prescription, and to a lesser extent by increased utilization (i.e., more prescriptions),” according to an HHS release.

The report also found that the cost of specialty drugs continued to surge, representing 50% of overall drug spending.

Under the Inflation Reduction Act, recently passed by Congress and signed into law by President Biden, drug price hikes charged against Medicare Part D would be capped at the rate of inflation. That should bring some relief for Americans who receive health coverage through Medicare but will not affect the prices others pay.

What about you? Have you or a loved one seen dramatic increases in your prescription drug costs? Share your experience with Voices for Affordable Health.