SPRINGFIELD, Mass. (WWLP) – A new AARP study looked at the prices of brand name, specialty and generic prescription drugs most commonly used by older adults. It found the average retail price more than doubled over the past 10 years.
Baystate Medical Center Dr. Jim Stewart told 22News these price increases can have devastating effects on families in the U.S. “We have some of the highest drug prices in the world. So the same drug for example in Canada and parts of Europe, can be one-tenth of the price of what it is in the United States.”
The price hikes hurt seniors in particular because Medicare plans generally require patients to pay co-insurance, sometimes up to 50 percent.