Meds money: the sky-high price of many prescription drugs

Why do some med drugs cost so much while others don’t?

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Experts say greed is a big reason for the sky-high price of some prescription pills. But it’s not the only reason says Jamie Reno.

Doctors want lower medicine drug prices, too…

Prescription drug prices in America are through the roof, and they’re still going up.

Consumers spent $374 billion on medicine in 2014, according to the IMS Institute for Healthcare. That’s 13 percent more than the previous year.

Hepatitis C drugs alone accounted for more than $11 billion in new spending last year. Perhaps that is no surprise, as the drugs Sovaldi and Harvoni both cost more than $1,000 per pill.

Scientific American reports that the average price of a new cancer drug now exceeds $100,000 a year. Even a cancer patient with insurance could spend $25,000 out of pocket.

And then there are people like Turing Pharmaceuticals’ Chief Executive Officer Martin Shkreli — aka “Pharma Bro” — whose apparent greed in raising the price of a lifesaving drug by 5,000 percent has infuriated the public. Shkreli was arrested Thursday morning on security fraud charges stemming from when he was a hedge fund manager and overseeing the biopharmaceutical company Retrophin.

Even generics are getting pricey…

With all of this going on, you may ask: Why are drug prices so high?

The answer isn’t as simple as you might think. Is corporate greed a factor? Yes, but experts say it’s a bit more complicated than that “…

… continue reading Why some drugs cost so huch and others don’t, on healthline, by Jamie Reno, 17 December 2015.

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