Unlimited Price Gouging in Generic Drugs

Nice review of drug pricing in Medicare Part D by the Washington Post last Sunday.

A dizzying tour of Medicare’s drug pricing labyrinth

About 90% of the prescriptions filled by seniors are for generic drugs. The eye popping prices for some of the name brand drugs that get all the headlines affect very few people. Less than 2% of Medicare beneficaries will benefit from the $2,000 cap on catastrophic drug costs. Everyone else will continue to have their pockets picked with unlimited price gouging on generics.

Lots of generics are as cheap as aspirin to manufacture, yet your Part D Medicare Drug Plan private insurer could be charging you $40 for a one-month supply of 30 tablets. Great for Executive Compensation, not so much for you.

Health care CEOs and the Senators and Congressmen they’ve bought & paid for are relying on the continued ignorance and innumeracy of the American people. It’s a very safe bet.