Top Medicare Part D drugs have doubled in cost, report finds

WASHINGTON (Gray DC) - An AARP Public Policy Institute’s spotlight report found that list prices for 25 top Medicare Part D drugs, which currently aren’t included in Medicare drug price negotiations, have increased by an average of 98%.

Greg Mears, an emergency physician, understands the importance of quality healthcare and has experienced firsthand the burden of rising prescription costs.

“But what we’ve also seen is that the pharmaceutical companies are now pricing, not based on what the cost to develop that drug,” Mears explained. “They’re pricing it based on change of life. The cost of years per life saved on benefits.”

The AARP has been monitoring the increase in drug costs for years, particularly under Medicare Part D.

Leigh Purvis with AARP Prescription Drug Policy said she is very concerned about the higher prices.

“Unfortunately, what we have been hearing about and why AARP has been so engaged on this issue is that there are people who are having to choose between the prescription drugs that they need and other important things, like their food or their rent,” she shared.

The report found that the top 25 prescriptions that are not covered cost their 7 million s almost $50 billion in 2022.

These findings highlight why Purvis feels the Inflation Reduction Act of 2022 is so important. It includes a provision designed to combat high prescription costs.

The provision allows Medicare to negotiate the prices of certain high-cost prescription drugs. Ten have already been selected with more to be added each year.

“Unfortunately, I have a lot of stories from people who have reached out to me because they’ve been struggling to afford their prescription drugs,” Purvis said. And our position has always been that no one should have to make those types of decisions.

He said once the law is implemented, the first negotiated prices will go into effect in 2026.

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