A new report shows a huge increase in the price of more than half of the prescription medicines taken by senior citizens.
The congressional study examined the costs of the 20 most-prescribed drugs under the Medicare Part D Program from 2012 to 2017. Prices for twelve of the drugs rose by more than half, and six had price increases of more than 100 percent. The report found that on average, a brand-name medication now costs ten times more than it did in 2012.
By law, Medicare isn’t allowed to directly negotiate drug prices with drug companies. Critics say that results in the government spending tens of billions of dollars unnecessarily.