Almost 1,000 US Drug Prices Hiked So Far in 2023

Drugmakers have raised the price of almost 1,000 prescription drugs this past month alone. These price hikes are anything but transparent for patients, as they are often obfuscated by complicated rebate schemes and reimbursement practices. Some lay the blame on upcoming provisions of the Inflation Reduction Act, implying that prices will be hiked progressively in preparation for drug pricing reform.

According to Ken Alltucker, “Drug affordability remains a top worry for consumers. About 3 in 10 people don’t take a drug as prescribed over concerns about cost – some don’t fill prescriptions, others skipped doses or sought cheaper over-the-counter medication, according to a Kaiser Family Foundation poll last year.”

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(Source: USA Today, January 30^th, 2023)