NEW YORK – Prescription drug prices are rising at nearly 10 times the rate of inflation, according to a new congressional report which examined the costs of the 20 most-prescribed medications for seniors over the past five years.
The highest spike was reportedly 477 percent for a chest pain reliever. Medicare, by law, can not directly negotiate drug prices.
Critics say this lends to tens of billions of dollars in unnecessary government spending, but supporters fear government intervention in the free market.
An industry group called the Pharmaceutical Research and Manufactures of America sharply criticized the report, calling it misleading. They did, however, agree that more can be done to help seniors.