> Retirees Association: Prices of commonly used drugs for the elderly have increased by 26%

Retirees Association: Prices of common drugs for the elderly have increased by 26% (Alberta Times) The American Association of Retired Persons (AARP), a non-profit organization, issued a report on March 6...

Association of Retired Persons: Prices of commonly used drugs for the elderly have increased by 26% (Alberta Times) The American Association of Retired Persons (AARP), a non-profit organization, issued a report on March 6 stating that from 2005 to 2009, the price of the most widely used drugs for the elderly in the United States increased by nearly 26%, almost twice the inflation rate. The report found that while the prices of these drugs have been rising rapidly, the prices of most prescription drugs have fallen in recent years, and even the prices of generic drugs have fallen. The American Pharmaceutical Research and Manufacturers, industry trade and lobbying groups said in a statement on the 6th that the expansion of the use of generic drugs in recent years has slowed the growth of drug prices. The AARP report, which examined 514 retail prices of the most widely used brand-name and generic drugs by Medicare, found that from 2005 to 2009, generic drug prices fell nearly 31 percent. But at the same time, the price of well-known brand drugs has increased by nearly 41%, and the price of specialty drugs has increased by more than 48%. In contrast, inflation increased by just over 13% over the same period. Few would disagree that the prices of brand-name drugs are rising. Marsh, director of equity research at Barclays Capital, which tracks drug price management, said inflation in the pharmaceutical industry is real. Pharmaceutical companies have been raising prices for drugs that are nearing the end of their patent life, with the goal of making as much profit as possible before generic drugs emerge and lose market share. Purvis, one of the report's authors, said the price of brand-name drugs would also drive up insurance premiums and push retirees more quickly into the Medicare Part D coverage gap. Masons said this goes hand in hand with AARP's membership. As members get older, may be unemployed or have difficulty finding a job, they may need prescription drugs more. AARP is the oldest and largest advocacy group for older adults in the United States. Its members are people aged 50 and above, about one-third of whom are still working.