Report: Price Hikes for Top Part D Drugs Far Outpace Inflation

Mar 28, 2018 - 02:58 PM

The price of the 20 most prescribed brand-name drugs in the Medicare Part D program increased an average 12% per year between 2012 and 2017, about 10 times more than the average annual rate of inflation, according to a report released this week by Sen. Claire McCaskill (D-MO), ranking member of the Senate Homeland Security and Governmental Affairs Committee. Total price increases for the 20 drugs ranged from 31% to 477% over the five-year period, with six of the drugs more than doubling in price, based on the annual weighted average wholesale acquisition cost. “These findings underscore the need for further investigation by the committee and other policymakers into dramatic price spikes and their impact on health care system costs and financial burdens for the growing U.S. senior population,” the report states.

Related News Articles

Headline
Cigna announces new pricing model that would share negotiated discounts with consumers
Cigna’s Evernorth division Oct. 27 announced a new, rebate-free pharmacy benefit model, beginning in 2027, that would reduce monthly prescription drug costs by…
Headline
KFF analysis highlights limited physician access in Medicare Advantage plans
A new report from KFF reveals that Medicare Advantage enrollees had access to just 48% of the physicians available to Traditional Medicare beneficiaries in…
Headline
Report finds launch prices for new drugs are significantly higher, exceed inflation
The median net launch price for 154 new drugs increased 51% between 2022 and 2024, after accounting for inflation and discounts, according to a report released…
Headline
AHA shares concerns, recommendations with CMS on WISeR model
The AHA Oct. 23 recommended changes to the Centers for Medicare & Medicaid Services’ Wasteful and Inappropriate Services Reduction model to address…
Headline
CMS releases guide on prior authorization submissions, determinations under WISeR model  
The Centers for Medicare & Medicaid Services has released an operational guide for Medicare-enrolled providers and suppliers on the Wasteful and…
Headline
OIG says MA, Medicaid managed care plans have limited, inaccurate behavioral health provider networks 
A report by the Department of Health and Human Services Office of the Inspector General found that many Medicare Advantage and Medicaid managed care plans…