Washington, D.C. — One in 3 U.S. adults are unable to afford taking their medication as prescribed. A new original analysis from the Center for American Progress finds that in July 2023, drug companies raised their list prices above the annual inflation rate for 112 drugs. Among all drugs with price hikes greater than 1 percent, the median price increase was 3.9 percent—an increase 30 percent higher than the inflation rate.
While the Inflation Reduction Act makes substantial progress toward lowering drug prices and improving access and affordability for people with Medicare, this doesn’t extend to the commercial market, which covers nearly 55 percent of all Americans. This new CAP analysis examines how much drug companies have hiked their prices for drugs across insurance markets, further compounding millions of Americans’ struggle to access the medications they need.
“The Inflation Reduction Act was a critical step toward providing relief for the millions of Medicare beneficiaries who can’t afford the medications they need,” said Nicole Rapfogel, policy analyst for Health at CAP and author of the column. “No one should have to struggle accessing and affording medications they depend on. It’s time for Congress to extend limits on excessive drug price hikes to the commercial market.”
Read the column: “Drug Companies Continue To Hike Prices Above Inflation” by Nicole Rapfogel
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