Prescription drug prices keep going higher despite the best efforts of Health and Human Services (HHS) efforts and the pressure from President Trump.
Prescription Drug: What Do Prices Hikes Look Like?
The news is not encouraging. Retail prices for 460 prescription drugs are increasing by an average of 5.2 percent for this year — in 2020. This is more than double the projected rate of inflation for this year, according to data provided by 3 Axis Advisors, a health care research firm.
These price increases were released by 114 companies, as of Jan. 6, 2020. Several of these increases are on specialty drugs for rare diseases that are seldom covered by insurance. Seniors are especially hard-hit, as many can be simultaneously taking 3 to 5 medications per day.
Antonio Ciaccia, a founder of 3 Axis, says despite the pressure on drugmakers, price increases continue. Furthermore, many individuals cannot afford their treatments due to pricing, being on fixed incomes, and/or insurance companies not willing to pay for some medications.
Prescription Drug: All Income Groups Affected
But, these groups are not the only ones adversely affected by rising drug prices. Although many citizens have drug plans that defray the full cost of medications, nevertheless, higher list prices inevitably bring higher premiums and deductibles.
Furthermore, smaller companies do not have the clout to negotiate drug price discounts. So, therefore, their employees with high-deductible health plans are also affected.
Here’s a look at some prescription medications that many older Americans commonly use and that are increasing in price in 2020, according to 3 Axis:
- Humira, used to treat rheumatoid arthritis, up 7.4 percent
- Revlimid, used to treat cancer, up 6 percent
- Benicar, used to treat high blood pressure, up 5 percent
- Januvia, used to help control Type 2 diabetes, up 4.9 percent
- Lyrica, used to treat nerve and muscle pain, up 4.9 percent
- Keytruda, used to treat cancer, up 1.5 percent
It appears that The Trump Administration has their work cut out for them in bringing down prescription drug prices.