Prescription drug prices doubled since 2006

Before you go, we thought you'd like these...
Before you go close icon
How To Save Money On Your Prescription Drugs


The average cost of a year's worth of prescription drugs more than doubled from 2006 to 2013—to more than $11,000 per year, according to a new report by AARP. The skyrocketing prices are unaffordable for many and hit senior citizens the hardest, the report says.

The average price per year of 622 prescription drugs widely used by seniors surged from $5,571 in 2006 to $11,341 in 2013, the latest year for which AARP data is available, said Leigh Purvis, director of health services research in AARP's Public Policy Institute. That amounts to a whopping 48 percent of the median income of people who receive Medicare benefits: $23,500, as of 2013, according to a report from the Kaiser Family Foundation.

SEE ALSO: Why Americans Are Dying Younger

The surge in prices partly stems from the fact that costs of generic drugs, which are usually more affordable, rose since 2012. In some cases, the amount of generic versions being produced fell short of demand, leading to an increase in prices. In other cases, big pharmaceutical companies bought the rights to the generic drugs to increase their prices and make hefty profits.

The costs of approximately 20 drugs at least quadrupled since just December 2014, and 60 have seen their prices at least double during the same time frame, Bloomberg reported, according to a report from price-comparison software company DRX. Among the most infamous drug-price hikes was that of the anti-infection generic drug Daraprim, which was bought by Martin Shkreli's company Turing Pharmaceuticals and went from $13.50 to $750 per pill.

More on Shkreli:

18 PHOTOS
Pharma CEO Martin Shkreli
See Gallery
Prescription drug prices doubled since 2006
Pharmaceutical chief Martin Shkreli, right, huddles with his attorney Benjamin Brafman on Capitol Hill in Washington, Thursday, Feb. 4, 2016, following his appearance before the House Committee on Oversight and Reform Committee. Shkreli refused to testify before U.S. lawmakers who excoriated him over severe hikes for a drug sold by a company that he acquired. (AP Photo/Susan Walsh)
Benjamin Brafman, right, attorney for pharmaceutical chief Martin Shkreli, foreground, speaks on Capitol Hill in Washington, Thursday, Feb. 4, 2016, during a House Committee on Oversight and Reform Committee hearing on rising drug prices. Shkreli refused to testify before U.S. lawmakers who excoriated him over severe hikes for a drug sold by a company that he acquired. (AP Photo/Susan Walsh)
Pharmaceutical chief Martin Shkreli waits on Capitol Hill in Washington, Thursday, Feb. 4, 2016, for the start of the House Committee on Oversight and Reform Committee hearing on his former company's decision to raise the price of a lifesaving medicine. Shkreli refused to testify before U.S. lawmakers who excoriated him over severe hikes for a drug sold by a company that he acquired. (AP Photo/Susan Walsh)
Pharmaceutical chief Martin Shkreli waits on Capitol Hill in Washington, Thursday, Feb. 4, 2016, for the start of the House Committee on Oversight and Reform Committee hearing on his former company's decision to raise the price of a lifesaving medicine. Shkreli refused to testify before U.S. lawmakers who excoriated him over severe hikes for a drug sold by a company that he acquired. (AP Photo/Susan Walsh)
Former Turing Pharmaceuticals CEO Martin Shkreli, center, listens as his lawyer Benjamin Brafman, left, speaks to reporters as they leave court in New York, Wednesday, Feb. 3, 2016. Shkreli, who has become the poster child of pharmaceutical-industry greed after hiking the price of an anti-infection drug by more than 5,000 percent, is scheduled to appear at a congressional hearing on Thursday. (AP Photo/Seth Wenig)
Martin Shkreli, chief investment officer of MSMB Capital Management, sits for a photograph in his office in New York, U.S., on Wednesday, Aug. 10, 2011. MSMB made an unsolicited $378 million takeover bid for Amag Pharmaceuticals Inc. and said it will fire the drugmaker's top management if successful. Photographer: Paul Taggart/Bloomberg via Getty Images ***Local Caption ** Martin Shkreli
FILE - In this Thursday, Dec. 17, 2015, file photo, Martin Shkreli, center, the former hedge fund manager under fire for buying a pharmaceutical company and ratcheting up the price of a life-saving drug, is escorted by law enforcement agents in New York after being taken into custody following a securities probe. U.S. Rep. Elijah Cummings, D-Maryland, said a lawyer for Shkreli indicated he has not sought permission from a New York judge to appear at a congressional hearing Tuesday, Jan. 26, 2016, on drug prices, despite receiving a subpoena. (AP Photo/Craig Ruttle, File)
Martin Shkreli, the former hedge fund manager under fire for buying a pharmaceutical company and ratcheting up the price of a life-saving drug, is belted into an awaiting car after being taken into custody following a securities probe, on Thursday, Dec. 17, 2015 in New York. A seven-count indictment unsealed in Brooklyn federal court Thursday charged Shkreli with conspiracy to commit securities fraud, conspiracy to commit wire fraud and securities fraud. (AP Photo/Craig Ruttle)
Martin Shkreli, center, leaves the courthouse after his arraignment in New York, Thursday, Dec. 17, 2015. Shkreli, the former hedge fund manager vilified in nearly every corner of America for buying a pharmaceutical company and jacking up the price of a life-saving drug more than fiftyfold, was arrested Thursday on securities fraud charges unrelated to the furor. (AP Photo/Seth Wenig)
Martin Shkreli, chief investment officer of MSMB Capital Management, sits behind a chess board in New York, U.S., on Wednesday, Aug. 10, 2011. MSMB made an unsolicited $378 million takeover bid for Amag Pharmaceuticals Inc. and said it will fire the drugmaker's top management if successful. Photographer: Paul Taggart/Bloomberg via Getty Images ***Local Caption ** Martin Shkreli
Martin Shkreli, chief investment officer of MSMB Capital Management, works on a computer in his office in New York, U.S., on Wednesday, Aug. 10, 2011. MSMB made an unsolicited $378 million takeover bid for Amag Pharmaceuticals Inc. and said it will fire the drugmaker's top management if successful. Photographer: Paul Taggart/Bloomberg via Getty Images ***Local Caption ** Martin Shkreli
"THEY SEE ME ROLLING..." http://t.co/D1mDBEeZMq
Turing Pharma Puppy Party 2015 http://t.co/0xf1zKUYXy
Activists hold signs containing the image of Turing Pharmaceuticals CEO Martin Shkreli in front the building that houses Turing's offices, in New York, Thursday, Oct. 1, 2015, during a protest highlighting pharmaceutical drug pricing. Turing Pharmaceuticals sparked an angry backlash last month after it raised the price of Daraprim, the only approved treatment for a rare, life-threatening parasitic infection, by more than 5,000 percent. (AP Photo/Craig Ruttle)
FILE - In this Thursday, Oct. 1, 2015, file photo, carrying an image of Turing Pharmaceuticals CEO Martin Shkreli in a makeshift cat litter pan, AIDS activists and others are asked to leave the lobby of 1177 6th Ave. in New York, during a protest highlighting pharmaceutical drug pricing. A Senate committee tasked with protecting seniors launched an investigation Wednesday, Nov. 4, 2015, into drug price hikes by Turing, Valeant Pharmaceuticals, Retrophin Inc. and Rodelis Therapeutics, responding to public anxiety over rising prices for critical medicines. (AP Photo/Craig Ruttle, File)
Activists hold signs containing the image of Turing Pharmaceuticals CEO Martin Shkreli in front the building that houses Turing's offices, in New York, Thursday, Oct. 1, 2015, during a protest highlighting pharmaceutical drug pricing. Turing Pharmaceuticals sparked an angry backlash last month after it raised the price of Daraprim, the only approved treatment for a rare, life-threatening parasitic infection, by more than 5,000 percent. (AP Photo/Craig Ruttle)
Activists hold signs containing the image of Turing Pharmaceuticals CEO Martin Shkreli in front the building that houses Turing's offices, in New York, Thursday, Oct. 1, 2015, during a protest highlighting pharmaceutical drug pricing. Turing Pharmaceuticals sparked an angry backlash last month after it raised the price of Daraprim, the only approved treatment for a rare, life-threatening parasitic infection, by more than 5,000 percent. (AP Photo/Craig Ruttle)
of
SEE ALL
BACK TO SLIDE
SHOW CAPTION +
HIDE CAPTION

Rising prescription drug prices is a hot topic in the 2016 presidential race, with every candidate taking a stance on what they'd do to lower prices. Americans overwhelmingly support price controls on drug manufacturers (73 percent), and most Americans blame pharmaceutical companies for skyrocketing drug prices (65 percent), according to a HealthDay/Harris Poll from November 2015.

The post Prescription Drug Prices Doubled Since 2006 appeared first on Vocativ.

Read Full Story

Sign up for Breaking News by AOL to get the latest breaking news alerts and updates delivered straight to your inbox.

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners