AARP Report: Drug Prices Skyrocket Even as Inflation Falls
Source: AARP Press Center
FOR IMMEDIATE RELEASE
November 16, 2009
Contact
AARP Media Relations, 202-434-2560, media@aarp.org
AARP Report: Drug Prices Skyrocket Even as Inflation Falls
WASHINGTON—A new AARP Rx Watchdog Report released today finds that manufacturer prices for widely used brand name drugs have climbed dramatically over the last year, despite a negative general inflation rate. The report, by AARP’s Public Policy Institute, shows that brand name drug prices have increased 9.3 percent since October 2008. A statement from AARP Executive Vice President John Rother follows:
“This report confirms what most older Americans already know: drug makers are raising their prices and enjoying windfall profits, even as the rest of the economy is suffering. The pharmaceutical industry should be embarrassed when it sees its own price increases put side-by-side with the general inflation rate. Even as the cost of most goods and services drops, a person taking just one brand name drug now pays $200 more per year than a year ago.
“These increases are hitting America’s seniors particularly hard. With no Social Security cost of living adjustment for 2010, many will find themselves forced to choose between prescription drugs that cost hundreds more than last year and their other basic necessities.
“Pharmaceuticals can offer lifesaving benefits, but they are only effective when they are affordable. This report documents alarming price increases that put affordability at risk for millions of Americans.”
The complete AARP Watchdog Report is available at http://assets.aarp.org/rgcenter/ppi/health-care/i36-watchdog.pdf.
AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world's largest-circulation magazine with over 35.5 million readers; AARP Bulletin, the go-to news source for AARP's nearly 40 million members and Americans 50+; AARP Segunda Juventud, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP.org. AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
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