A new government report in the United States has revealed that the prices of branded drugs in the country have risen at a faster rate than any other medical services over the last four years.
According to the report written by the US Government Accountability Office (GAO), the average annual price of the 100 commonly used prescription drugs in the country rose by 6.6 percent during the period between 2006 and the first quarter of 2010. In comparison, the consumer price index for medical goods and services.
AdvertisementThe report added that while the price of the generic drugs fell by 2.6 percent, the price of branded drugs rose by 8.3 percent annually. California Democrat Henry Waxman commented on the report stating that the government should do all it can to make sure that the manufacturers of branded drugs do not overcharge indiscriminately.
"Congress needs to investigate and stop drug companies from overcharging seniors. Thanks to the health care reform law, the average senior who hits the drug donut hole will get some protection from drug price hikes and save over $500 in 2011.", Waxman said.