Prescription drug prices rising at a record rate in America

Tatiana Pile
Managing Drug Costs
Managing Drug Costs

The increasingly high cost of prescription drugs in the United States has been an issue for quite some time -- and the problem only seems to be getting worse.

Recent data reported by The Wall Street Journal shows that while food and alcohol prices have risen only three percent and clothing and accessories are up almost six percent, drug prices have increased at a staggering 10 percent in the last year.

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This is not the first time drug prices have risen this much, however. Prescription prices in the American consumer market have inflated 10 percent or more for three years in a row. New York's Pfizer Inc. said U.S. pharma companies increasing the cost of prescriptions drugs helped drive $2 billion in revenue.

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Consumer Reports addressed the surging prices, reporting, "Our analysis suggests that high prices for generic and brand-name drugs stem in part from a battle over profit between mammoth industries—big pharma and insurance companies—with consumers caught in the middle."

Because many of these medications suffering from the price hike are vital to consumers, people are essentially forced to purchase the high-priced items.

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In an op-ed on the The Huffington Post, U.S. Sen. Bernie Sanders addressed the ongoing conflict, writing, "a lifesaving product does no one any good if a patient cannot buy the medicine they need, and that is now happening far too often in the richest nation in the world."

While lobbyists and lawmakers are currently fighting for lower prescription costs, for many companies, raising prices is a major driver of growth.

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