McCaskill Report Finds Drug Prices Outpace Inflation

ST. LOUIS, MO — A new report by Missouri Democratic Sen. Claire McCaskill released March 26 indicates the cost of brand-name prescription drugs is rising at more than 10 times the rate of inflation. Part of a yearlong investigation into drug companies, McCaskill also issued a report in February linking drug manufacturers, doctors and advocacy groups to a national opioid addiction crisis.

“Can you imagine if you went to an auto dealership and last year’s exact model was being sold at a 20 percent mark-up, and then you went back the next year and it had happened again?” McCaskill said. “That’s exactly what’s happening in the prescription drug industry, where the cost of identical drugs skyrockets year after year. Everywhere I go Missourians are angry and upset about these price increases. This report demonstrates that the pricing decisions made by these drug companies are outrageous—and I’ve never shied away from taking on this massive industry on Missourians’ behalf.”

The report examined the top 20 most commonly prescribed brand-name prescription drugs used by seniors and found price increases for all of them. On average, the report states, the drugs became 12 percent more expensive every year.

More than half the drugs examined saw price increases of more than 50 percent over five years and about a quarter doubled in price. One saw a dramatic spike in cost of 477 percent over five years.

Read the full report here.