Recent trends of sky rocketing drug prices continue, as retail prices for brand-name dermatology pharmaceuticals have increased a shocking 401 percent in the past six years, putting an increasing financial burden on consumers, and prompting a federal investigation.
According to the latest research, published in The Journal of the American Medical Association, JAMA, retail prices for name brand dermatology drugs, prescribed to treat a variety of skin conditions, have increased by 401 percent since 2009. The research also noted that generic skin treatment drugs also skyrocketed by 279 percent from 2011 to 2014.
Researchers studied 19 name brand drugs and found that two, in particular, developed by Valeant Pharmaceuticals International Inc. had the greatest price increases. The study did not specifically identify the source of the increased costs -- however escalated development and increased marketing, coupled with a customer base that is dependent on the drugs, as well as profit taking -- are suggested contributors to the overall rise of costs.
The documented 401 percent increase in name brand drugs -- compared to the overall inflation rate of only 11 percent during the same time-frame -- is a disparity so magnified that it has prompted a federal investigation.
In fact, federal prosecutors have subpoenaed Valeant Pharmaceuticals International Inc. for document records detailing their pricing and practices, and the company is under investigation by Congress, as well.
For example, the price for Valeant's Targretin gel, a treatment used for skin cancer, has seen an 18-fold increase to a pricey $30,320 for a tube containing 60 grams of the medication. In addition, Carac cream, another Valeant skin cancer product, surged to $2, 865 for a 30-gram tube 18 times what it cost only six years ago.
Other drugs, including anti-infection medications like Althabax, Oxistat, or Xolegel also increased by 309 percent, as well as corticosteroids, including Cloderm cream and Cutivate lotion rose, by 290 percent. Drugs like Benzaclin and Finacea, used to treat acne and rosacea, shot up by 195 percent and others for psoriasis, also increased by 180 percent on average.
In another revealing report, recently published by Express Scripts, a pharmacy-benefits company, findings stated that 576,000 people in the U.S. spent -- at minimum -- $50,000 on prescription drugs in 2014 an increase of an astonishing 63% from 2013.
Another interesting research finding revealed that this increased financial burden lands directly on patients as health insurance companies transfer the increased expense and only offer limited coverage options.
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