BIG PHARMA POLITICS: Consumers pressure politicians to do something about rising drug prices. Read More
There has been a lot of talk in Washington, D.C., about the need to bring prescription drug prices under control. Unfortunately, actual costs point to a lot of talk and not a lot of action.
Politico reports that prescription drug prices rose 10.5 percent during the first six months of 2019. That was slower than the increases seen in the first half of 2018, but still four times faster than overall inflation.
A deeper look at the numbers showed an interesting twist: Prices for the top drug brands rose by an average of 3.5 percent while generic and lower-cost medications saw the biggest jump.
In the first six months of the year, prices jumped on 3,443 prescription medications. Last year, 2,919 drugs saw price increases. The silver lining may be in the comparison of the increases with 2019 seeing 10.5 percent, lower than 15 percent in 2018.
The numbers “underscore the urgency” for bipartisan action, Jon Conradi, spokesman for the Campaign for Sustainable Rx Pricing told Politico.
However, “urgency” may not be in the cards. Congress is scheduled to be on recess and away from the Capitol for the entire month of August.
Have the prices of your prescription medications increased? Share your story and/or tips with Voices for Affordable Health.