Prescription Drug Prices Are Skyrocketing At Five Times The Rate Of Inflation

Zero Hedge | 7/9/2019 | Staff
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The price of prescription drugs has been surging this year, despite president Donald Trump campaigning on lowering drug prices prior to the 2016 election. According to new data from CBS, more than 3,400 drugs have raised their prices in 2019, which marks a 17% increase compared to the 2,900 increases at the same time in 2018.

And the average price hike for these drugs is an astounding 10.5%, which is about five times the rate of inflation as calculated by CPI. Hilariously – or sadly enough - the price of drugs is probably a better representation of real inflation to begin with. 41 drugs have raised their prices by more than 100%, including one version of the antidepressant Prozac, which is up 879% since last year.

Time - Lawmakers - Consumers - Concerns - Prices

These increases come at the same time that lawmakers and consumers continue to express concerns about prices outpacing wage growth and cost-of-living. Four out of five Americans believe that prescription drug pricing is unreasonable and about a third of patients say that they’re skipping prescription medicine because of the cost.

Michael Rea, founder and CEO of Rx Savings Solutions said: "In the political climate we live in and the conversations we're having, that there are more drug price increases this year -- you would think that wouldn't be the case. It defines the difficulty that consumers have."

CBS - Drug - Hikes

According to CBS, other drug hikes have included:

Mometasone 0.1% Topical Cream. This topical steroid has increased 381% this year, Rx Savings Solutions found.

Guanfacine - Tablet

Guanfacine 2mg tablet....
(Excerpt) Read more at: Zero Hedge
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