Prescription Drug Prices Are On The Rise

By Keri Waterhouse

Drug makers promise to support Washington’s health care overhaul by taking off $8 billion a year after the legislation takes effect, the industry has been raising its prices at the fastest rate in years.

The industry has raised the wholesale prices of brand-name prescription drugs by about 9 percent, according to industry analysts. This is going to add more than $10 billion to the nation’s drug bill, which is on track to exceed $300 billion this year. By at least one analysis, it is the highest annual rate of inflation for drug prices since 1992.

The drug makers are saying that they have valid business reasons for the price increases. While some of the critics are saying that the industry is trying to establish a higher price base before Congress passes legislation that tries to curb drug spending in the next coming years.

Having prescription drug prices raised it’s going to make it difficult for people to afford them. Bad things could start happening because of this rise in prices.