Brand-name prescription drugs prices rose twice as much as the rate of inflation in 2020, according to an AARP report released June 7.
Analyzing data from 2006-2020, researchers found that 65 commonly used brand name prescription drugs experienced a cumulative price increase of nearly 280 percent, while inflation rose by 32 percent during that 15-year period.
The price of a group of 260 widely used prescription medications rose by 3 percent from 2019 to 2020, while the inflation rate was 1.3 percent during the same period.
The report also found that the average older American, who takes 4.7 prescription medications per month, faced annual drug costs more than $31,000 in 2020. This amount is three and a half times the annual drug cost they experienced in 2006.