AARP: Drug prices keep surging
Prices for name-brand prescription drugs are continuing to rise much more quickly than inflation. A new AARP study shows wholesale prices for non-generic drugs jumped by an average seven-point-one percent last year, the largest increase in five years.
The group says since the end of 1999, prices of more than 150 big-name drugs have risen by more than 35 percent, on average. Compare that to the inflation rate over that same period: just 13 and a-half percent.
Chief executive Bill Novelli says AARP is "disappointed" by its findings, adding that drug companies need to do much more to slow down their spiraling prices.