Kaiser Report Reveals Massive Price Hikes on Prescription Drugs Amid Worries About Inflation
Washington, DC — New data from the Kaiser Families Foundation revealed that half of drugs covered by Medicare saw price increases greater than inflation in 2020. The news comes ahead of the State of the Union address, where President Biden is expected to urge Congress to prioritize lowering the cost of prescription drug prices. In response, Protect Our Care Executive Director Brad Woodhouse issued the following statement:
“The numbers released today confirm what we already know to be true: drug prices are too damn high. Big drug companies have gone unchecked for far too long, and families across the country are struggling to afford the medications they need to survive. Price hikes outpacing inflation take more money out of patients’ pockets and raise health care costs across the board. Lowering drug prices is among the most important actions Congress can take to lower the cost of living for the American people. As Democrats move forward on negotiations for their economic proposal, it is imperative that they continue to prioritize addressing drug prices.”