July 4, 2019

Drug prices in 2019 are surging, with hikes at 5 times inflation

https://www.cbsnews.com/news/drug-prices-in-2019-are-surging-with-hikes-at-5-times-inflation/?fbclid=IwAR3c7ZzW7J2waP1gO1mqJJf40_85lkmHx055i1xACvbXm0hsTuWN3XxG_Cg
"Drug prices are rising because of a combination of pressure from shareholders to deliver higher profits and what Rea calls an "inelastic market." "It's a good that people need, in many cases in order to stay alive," he says. "You have a lot of flexibility to drive prices higher and higher." That's an issue with insulin, which Type 1 diabetics require to stay alive. Even though the medication was discovered nearly a century ago, its price has more than doubled over 5 years, causing financial hardship for many diabetics and prompting some to ration the medication to cut costs. In some cases, those decisions have proved fatal."