BIG PHARMA POLITICS: Consumers pressure politicians to do something about rising drug prices. Read More
American consumers will continue to see their prescription medication costs rise over the next year, but research for Vizient, a large health-care organization, indicates the drug price inflation rate will average about 4 percent between July 1, 2020, and June 30, 2021.
That’s a modest jump compared to recent years when prescription drug prices spiked by 10 percent, 20 percent and even higher.
Still, Modern Healthcare reports that some biologic therapies, cancer-fighting drugs and others will carry price tags of more than $1 million.
“Hospitals and patients are still getting killed by new million-dollar drugs that won’t see any competition for decades,” Dan Kistner, Vizient’s vice president of pharmacy solutions.
In addition to the million-dollar drugs, the patent loopholes continue to allow manufacturers to raise prices on brand-name drugs without fear of competition. One of those patent loopholes would be closed by the Creates Act, which the U.S. House passed in December. However, the legislation is not expected to make it out of the U.S. Senate.
On the plus side (for consumers), the research notes a record number of generic drugs recently approved by the FDA.
What about you? Are your prescription drug costs too high? What’s the trend? Share your story with Voices for Affordable Health.