Medicare drug prices rise at ten times rate of inflation as Sen. Claire McCaskill, D-Missouri, said that just envisage if you approached an auto dealership and they were selling last year’s precise model was being sold at a 20 percent mark-up and you visit the place again and the same thing happened. The same is occurring with the prescription drug industry where the price of homogenous drugs escalated year after year.
McCaskill has been raising pertinent questions regarding the skyrocketing prices of medicine even amid congressional inspection. The new report called Manufactured Crisis: How devastating drug price increases are harming America’s seniors said that radical price raises puts forth the requirement of further investigation to regulate the influence on healthcare system costs and economic oppression for the increasing senior population in the US.
The report concluded that raising pharmaceutical drug prices abide a crucial worry for patients and managers alike. In the past decade these crucial price raises have emanated as a ruling propeller of U.S. health care costs, a movement authorities predict will protract at an expeditious pace.
The report scrutinized the prices of most prescribed drugs under the Medicare Part D program from 2012 to 2017. It discovered that the drug Nitrostat utilized to mitigate chest pain had risen the most, a percentage change of 477%.
Zostavax, directed for shingles among seniors had the unsatisfactory percentage increase but was still high: 31% over five years.