If you’ve noticed prescription drug prices increasing dramatically over the past few years — you’re not alone.
Read more: A tale of two prescriptions: Take a look at these wild price fluctuations​
According to a study on pricing trends released by the AARP, the average cost of a year’s supply of a prescription drugs doubled to more than $11,000 over the last 7 years. This amounts to about 75% of the average Social Security benefit. The AARP also found — unfortunately — that these price increases will only continue to climb.
“If these trends continue, more and more Americans will simply be unable to afford the medications that they need to get and stay healthy,” said Debra Whitman, AARP’s chief public policy officer.
The average retail price among 622 common prescription medicines increased from $5,571 in 2006 to $11,341 in 2013 — more than doubling the cost.
In addition, prices for drugs that treat cancer, hepatitis and rare diseases skyrocketed. In 2013, the average cost for a specialty drug was $53,384 — 189 times higher than the average annual cost for a generic drug, which was $283.
Meanwhile, the average Social Security benefit in 2013 was $15,526, and the median income for Medicare was $23,500.
“This shift has serious implications for older adults and the entire health care system,” commented Leigh Purvis, director of health services research in AARP’s Public Policy Institute.
Big price increases can happen from a shortage or change in insurance coverage.
Additionally, manufacturers may raise prices because there are no competitors selling the product, according to the American Society of Health-System Pharmacists. In addition, some of these price increases are partly due to purchases of the drug by other drug companies.
Regardless of the reasons, the increases of drug prices have caused significant strain on many people’s wallets. Below are 14 ways you can save!
Read more: Is your doctor being paid by Big Pharma? Here’s how to tell
Right now at Lowe's, purchase a Dremel 4300 corded variable speed rotary tool with 5…
Right now at Holland America Cruises, you can take a 10-night Adriatic Sea cruise to…
Right now at Lowe's, you can save up to 60% on a selection of Costa…
For a limited time, Levi's is offering up 75% off select items. This sale includes…
Right now at Princess Cruises, you can take a 7-day Alaska cruise from $488 per…
Right now, Kohl's is offering select Dash small appliances at a discount. Deals start at…