Since the recession hit hard a few years ago, health care expenditures have slowed dramatically. It now looks like, at least for medications, cost increases are making a comeback. For instance:
Nexium, a heartburn drug, had a 7.8% price hike to a $262 average prescription in the first nine months of 2012.
Enough to make your stomach hurt, yes?
According to the Bureau of Economic Analysis, medication prices rose 3.6% in 2012, twice the 1.7% inflation rate. One year does not a trend make. And the pharmaceutical industry is under a ton of pressure. Many of their best selling products have gone, or soon will go, generic. Even Nexium, which isn’t generic, faces stiff competition from generics that are just as effective for most people. That said, it is a good idea to find out how much your pills cost before you take them and, more importantly, find out if there are more affordable alternatives.
(Click here to view comments)