Drug Prices Are Unreasonable, Say West Virginia Voters

This Fact Sheet highlights the essential components of drug formularies and considers the challenges that older adults, particularly those with low medication literacy, face when responding to the impacts and implications of formularies annually and throughout the plan year.

This AARP Public Policy Institute Spotlight report finds that list prices for 25 top Medicare Part D drugs have increased by an average of 226 percent—or more than tripled—since they first entered the market, greatly exceeding the corresponding rate of general inflation. The report is based on an analysis of 2021 data from the Centers for Medicare & Medicaid Services, Medicare Part D Spending by Drug Dashboard, and Medi-Span Price Rx Pro.

Prescription drug affordability is a concern for many Virginia voters. They call for a Prescription Drug Affordability Board to address the issue.

This Fact Sheet explores the range of formal medication management programs that are available and the challenges that older adults, especially those with limited medication literacy—the ability to obtain information about medication, process it, and use the information to make medication decisions—and their family caregivers face when trying to manage their medications.

Generic drugs are lower-cost versions of brand name drugs that enter the market after brand name drug’s monopoly period ends.