Pharmaceutical companies have been quietly raising prices on brand name prescription drugs sometimes over 100% and even going as high as 1000%.  According to a study conducted by the University of Minnesota, the number of brand name prescription drugs with 100%+ price hikes could more than double that of two years ago.   A large number of the increases are coming on older products that treat rare but often potentially grave, life threatening conditions.

Overall, cumulative prescription drug prices rose 7.4%  in 2007, far outpacing inflation and economic growth for the year.   The seemingly ceaseless ries in the cost of pharmaceuticals is stretching health care plans, insurers, companies and individual patients to the max financially in an already faltering economy where commodity prices from milk to wheat to gasoline have all hit record highs within recent memory. Stephen Schondelmeyer from the University of Minnesota told USA Today:

“There’s no simple explanation.   Some companies seem to figure no one is watching so they can get away with it”

Could there possibly be a more base abuse of commercial power than making an exorbitant profit from someone else’s illness?  You can takepart by checking out PIRG’s report on prescription drug reform.

LINKS:

USA Today: Drug Prices Up 100% - or Higher

Wall Street Journal:   More Scrutiny for Triple Digit Drug Price Hikes

AHN: Medicine Prices Up By 100%