Just this year, drug prices in the United States have increased more than 5x inflation, over 3,000 drugs have increased their prices in the first half of this year alone.
This rate of increase compared to the year prior is about a 17 percent hike.
It's also fueled an ongoing debate with lawmakers as well, they've had pharmaceutical executives testify before the Senate about drug pricing schemes. Now, there are various legislative efforts that have been introduced which are seeking to try and solve the problem, which include capping drug prices under Medicare, in an effort to prevent the price from outpacing inflation.
4 out of 5 Americans feel that prescription drug costs are unreasonable.
Why Are Prices So High?
According to one previous study on drug prices in the country, that was conducted by Harvard Medical School researchers, they discovered that government intervention helps fuel this problem, rather than protect the public from this issue.
"The most important factor that allows manufacturers to set high drug prices is market exclusivity, protected by monopoly rights awarded upon Food and Drug Administration approval and by patents. The availability of generic drugs after this exclusivity period is the main means of reducing prices in the United States, but access to them may be delayed by numerous business and legal strategies."