Here’s yet another reason to go for generic drugs when you can: drug makers keep raising prices on brand name products. If you group generics and brand names together, drug prices rose by 3.4% in 2009, according to an industry report. However, if you look at just brand name drugs as the AARP did in a new report, the average price hike was 8.3%. An earlier AARP report from May points out that if you look at specialty drugs “widely used by people in Medicare” then the hike jumps to 9.2%.
The closer you get to the top of the popularity chart for brand name drugs, the worse it gets: the most popular brands jumped 41.5%.
The AARP will release the new study later today.