Pharma’s drug hikes doubled average cost of prescriptions in last decade

(credit: Eric Hunsaker)

Trips to the pharmacy are getting more and more expensive. From 2006 to 2013, the average retail cost of a year’s supply of 622 common prescriptions doubled—from about $5,500 to more than $11,000—according to a new report from AARP, a senior citizen advocacy group.

The rising costs are likely to hit senior citizens hardest, the AARP cautioned, noting that the 2013 average cost would come out to about 75 percent of the average Social Security retirement benefit, which is $15,526.

“If these trends continue, more and more Americans will simply be unable to afford the medications that they need to get and stay healthy,” Debra Whitman, AARP’s Chief Public Policy Officer, said in a statement.

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