Contributed by nickel | November 14, 2005 09:10 AM PST
According to a recent AARP study, brand-name prescription drug prices have climbed at twice the rate of inflation during the 12 months ending in June 2005 (6.1% vs. 3.0%). The good news here (if there is any) is that this increase was slightly below the 7.1% and 7.0% increases in the previous two years. The drug that experienced the largest price increase was the emphysema drug Atrovent, which soared 18% (from $2.12/day to $2.51/day). The sleep aid Ambien was a close second, increasing 14% (from $2.19/day to $2.50/day). In contrast, generic drug prices are reported to have risen just 1% over the same time period. This is just further evidence that you should be using generic drugs whenever possible.
[Source: USA Today]
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Or a good time to buy PPH? ;-)
How about some ideas on how regular folks can hedge against healthcare cost increases at home? The "price" increase is misleading because it misses the fact that the utilization of generics had increased dramatically in the past 5 years. Today they make up nearly 50% of dispensed rx.
The reasons for this are two fold:
1. more products have fallen off patent
2. insurers are incentivising generic substitution by consumers (e.g. Aetna and BCBS have made many genrics "free" for consumers).
This is a good read if you're into that sort of stuff:
http://www.nber.org/papers/W11431
GP
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