Prescription Drug Prices Rising Faster Than Inflation

Sep 30, 2018

PORTLAND, Maine- The rising cost of brand name prescription drugs is outpacing the general inflation rate of 2.1 per cent. 

That's according to a report by the AARP Public Policy Institute, released this week. 

Prices for some of the drugs most commonly prescribed to seniors went up by more than 8 per cent in 2017, costing an average of $6800 dollars for one medication, for one year.

For the average older American who takes four to five medications, the report found that the cost of a year's medication in 2017 added up to more than $30 thousand dollars. According to the AARP, that's more than an entire average social security income for a year. 

In Maine, the state which has long maintained the highest median age in the nation, a recent poll conducted by AARP Maine showed that the cost of healthcare will be a factor in the 2018 general election among 98 per cent of older Mainers polled.  

The same survey found that 77 per cent of older Mainers felt the cost of prescription medications was a "very important" issue, and 75 per cent of those polled also said that they believed pharmaceutical companies to have "a lot of influence" over members of congress.