Drug prices have taken center stage since Turing Pharmaceuticals raised the price of its off-patent parasite-fighting drug Daraprim by over 5,000%, but the issue has been lingering for far longer than Turing has even existed.
Prices for brand-name drugs increased almost 15% over the past year alone, according to research firm Truveris. Meanwhile, the costs of lifesaving specialty cancer drugs have increased by an average of 10% per year since 1995, even when adjusted for inflation, according to one recent study. To put that in dollar terms, for every year a cancer drug added to a patient's life in 1995, the cost was $54,100. That cost reached $207,000 in 2013.Read more