Seniors' Drug Costs Soaring, Study Finds

July 12, 2003
A study by Families USA finds that prices for the 50 drugs most often prescribed for the elderly rose more than three times the rate of inflation last year.

"This shows how important it is to offer significant subsidies to the lowest-income seniors," said Ron Pollack, the group's executive director.

The drug industry trade group criticized Families USA for "complaining about prescription medicines, rather than pitch in and help seniors get the medicines they need." The Pharmaceutical Research and Manufacturers of America noted that many drug companies offer programs that help seniors get free or discounted drugs.

Prices for the drugs in the study increased an average of 6 percent, compared with an increase of 1.8 percent in the Consumer Price Index. Over the years, drug prices have consistently outpaced inflation with harsh consequences for seniors, Pollack said.

Pollack's group noted that as many as half of elderly Americans do not have prescription drug insurance for at least part of each year, either because they lack coverage entirely or have exceeded the amount their insurance will pay.

An elderly person buying such commonly prescribed drugs as Lipitor, Vioxx, Synthroid and Fosamax would pay nearly $3,000 a year, Pollack said.