- The average annual retail price increase for widely used brand name prescription drugs was more than two and a half times higher in 2015 (15.5%) than in 2006 (5.9%).
- Brand name drug prices increased almost 130 times faster than general inflation in 2015 (15.5% vs 0.1%).
- In 2015, the average annual retail cost of one brand name medication used to treat a chronic health condition more than $5,800, compared with nearly $1,800 in 2006.
- Retail prices increased for 97% of the 268 brand name prescription drugs in the study's market basket.
- Seven widely used brand name drugs had average annual retail price increases of over 50% in 2015.
- Five of the six drugs with the highest cumulative price increases over the study period were marketed by Valeant Pharmaceuticals. The retail price of Valeant's anti-anxiety drug, Ativan 1 mg tablets, increased by 2,873% between 2006 and 2015.
AARP's Public Policy Institute, in collaboration with the PRIME Institute at the University of Minnesota, developed a market basket of 268 brand name prescription drug products widely used by older Americans.