Drug Price Increases After Passage Of Medicare Benefit Undermine Law's Intent - AARP
This article was originally published in The Pink Sheet Daily
Executive Summary
Pricing data from AARP's latest "Rx Watchdog Report" reveals a "big jump" in drug prices after the Medicare drug benefit was signed into law in 2003. Drug prices rose by an average of 3.4% during the first quarter of 2004, according to the report.
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Brand Name Drug Prices Increased 7.1% In 2004, AARP Report Says
The latest "Rx Watchdog Report" says wholesale acquisition cost for 195 brand name drugs increased at double the rate of general inflation. Prices for 75 generic drugs rose 0.5%, less than one-fifth the inflation rate. A PhRMA study found consumer medical costs increased 4.7%, compared to 4% for branded and generic drugs.
Brand Name Drug Prices Increased 7.1% In 2004, AARP Report Says
The latest "Rx Watchdog Report" says wholesale acquisition cost for 195 brand name drugs increased at double the rate of general inflation. Prices for 75 generic drugs rose 0.5%, less than one-fifth the inflation rate. A PhRMA study found consumer medical costs increased 4.7%, compared to 4% for branded and generic drugs.
PhRMA Studies Contest AARP Drug Price "Watchdog Report"
Milliman study commissioned by PhRMA shows prescription drug CPI increased .9% in first quarter, lower than the 3.4% figure cited by AARP based on wholesale acquisition cost. Muse & Associates study shows Medicare drug discount cards offer average savings of 16.2% over cash prices available in November.