Brand name drug price hikes are an industry-wide phenomenon.
Retail prices for widely used brand name prescription drugs in America increased substantially faster than general inflation in every year from 2006 to 2017.
Between 2016 and 2017, retail prices for 267 brand name prescription drugs widely used by older Americans, including Medicare beneficiaries, increased by an average of 8.4 percent. In contrast, the general inflation rate was 2.1 percent over the same period.
Thirty-five drug manufacturers had at least 2 drug products in the @AARP study’s market basket of 267 widely used brand name drugs. All but two of the drug manufacturers had a weight annual retail price increase above the rate of inflation. Twenty-nine of the drug manufacturers increased retail prices at more than twice the rate of general inflation.