New data from AARP shows prices for brand name prescription drugs continue to skyrocket, particularly for older Americans. Analysis of 227 such drugs shows an average cost increase of nearly 13 percent in 2013, compared with a general inflation rate of 1.5 percent during that year.
The average annual cost for one brand name medication used on a chronic basis was nearly $3,000 in 2013, according to the organization. For a consumer who takes three brand name prescription drugs on a chronic basis, the annual cost of therapy would have been more than $8,800 during 2013more than double the cost 8 years earlier.
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