Public backlash against Turing Pharmaceuticals for raising the price of the life-saving drug Daraprim, which treats malaria and toxoplasmosis, by more than 5,000 percent to $750 per pill made the drug company reverse course last week. And now lawmakers and presidential candidates are scrutinizing the pharmaceutical industry. Yet prices on many other prescription drugs are projected to rise sharply next year.
Prescription drug price inflation is expected to approach double-digits in 2016, more than 10 times the consumer price index for all goods and services, according to a health-cost survey by the Segal Group. The benefits consulting firm estimates that prescription drug price will rise 9.8 percent in 2016, up from a 7.5 percent increase this year.
If you're one of the millions of Americans who regularly take a prescription drug, you can make several moves to lessen the burden of increasing drug costs.