The price of specialty drugs is far outstripping inflation, according to a new white paper from the Campaign for Sustainable Rx Pricing.
Between 2012 and 2013, specialty drugs for inflammatory conditions rose 15 percent; for multiple sclerosis 14.7 percent and for cancer 13.6 percent, according to the report. Meanwhile, consumer prices rose just 1.5 percent.
“Large, compounded price increases in already expensive specialty products yield cost increases that greatly exceed those of any other prescription drug product on the market,” the report says. “This creates a situation in which products that were priced virtually out-of-reach at the time of their launch become increasingly inaccessible and unaffordable over time due to inflation.”
The report warns that patients with chronic conditions like HIV/AIDS, cancer and multiple sclerosis are particularly at risk because they must take their medicines on a long-term basis.
The takeaway? “The status quo is unsustainable – our health care system cannot afford the unrelenting specialty drug price increases and devastating cost burden.”
The 340B program was born in 1992 as the result of sky-high drug prices. Safety-net hospitals treat a disproportionate share of patients with complex, chronic conditions. As specialty medicines continue to bust the bank, the program is more important than ever in helping hospitals provide affordable meds to this particularly vulnerable population.