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Everyone is trying to save money, but you want to be safe and you want the facts! When it comes to prescription medicines here are some important and often requested published facts for most of our customers and site visitors:
As shared from OfficialData.org
According to the U.S. Bureau of Labor Statistics, prices for prescription drugs were 85.22% higher in 2018 versus 2000.
Between 2000 and 2018: Prescription drugs experienced an average inflation rate of 3.48% per year. This rate of change indicates significant inflation. In other words, prescription drugs costing $10 in the year 2000 would cost $18.52 in 2018 for an equivalent purchase. Compared to the overall inflation rate of 2.09% during this same period, inflation for prescription drugs was higher.
In the year 2000: Pricing changed by 4.41%, above the average yearly change for prescription drugs during the 2000-2018 time period. Compared to items in 2000 (3.38%), price inflation for prescription drugs was higher.
The prices of the 20 most commonly prescribed brand-name drugs for seniors have risen nearly 10 times more than the annual rate of inflation over the past five years, according to a congressional report released Monday.
“Can you imagine if you went to an auto dealership and last year’s exact model was being sold at a 20 percent mark-up, and then you went back the next year and it had happened again?” said Sen. Claire McCaskill, D-Missouri, who released the report as part of a years-long investigation into escalating drug prices.“That’s exactly what’s happening in the prescription drug industry, where the cost of identical drugs skyrockets year after year.”
The report examined the costs of the 20 most-prescribed drugs under the Medicare Part D program from 2012 to 2017. It found that the drug Nitrostat, used to relieve chest pain, had increased the most: a percentage change of 477%.
Notably, half of the 20 brand medicines in this report are used to treat these chronic conditions, diabetes, high cholesterol, and chronic respiratory illnesses.