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BIG PHARMA POLITICS: Consumers pressure politicians to do something about rising drug prices. Read More

Majority of retirees think drug price increases should be restricted

Do you think seniors should get a break from high prescription drug prices? You are not alone.

A new survey from The Senior Citizen League, a group committed to educating seniors about their rights, found that 83 percent of adults age 65 and older think Congress should restrict drug-price increases to the rate of inflation.

Only 5 percent disagreed, while 12 percent were unsure.

Widespread support for lowering drug costs has yet to translate into tangible government regulation. A recent bipartisan drug bill that would have reduced drug costs has been stalled in the Senate, and a press release from The Senior Citizens League says the window is closing for action.

The survey also indicated that prescription drug costs are the single fastest-growing budget item that older Americans face in retirement. Since 2000, drug costs have increased almost five times faster than Social Security benefits over the same period.

“That’s a rate that’s hard to sustain over a retirement that can last as long as 30 years,” Mary Jonson, a Medicare analyst for The Senior Citizens League, said in the release.

In 2016, the prescription drug Harvoni was responsible for the highest total spending for both Medicare Part D and Medicaid, reaching $4.4 billion and $2.2 billion respectively.

Do you think the federal government should consider regulations to bring down prescription drug prices? Share your thoughts.