Medicare Part D drug prices increase more than 200% on average:

The price of some Medicare Part D prescriptions increased by more than 700% since entering the market

Overall, these price hikes ranged from 20% to 739%, according to the report. Taken together, these 25 drugs accounted for $80.9 billion in total Medicare Part D spending in 2021 or about 37% of total spending, the AARP said. In addition, the price of all these drugs — except for one — has exceeded the annual rate of inflation since entering the market.

The price of Enbrel, a medication used to treat rheumatoid arthritis and psoriatic arthritis, has increased by 701% since being released in 1998. The lifetime general inflation rate since Enbrel was released was 85%. And the price of Eliquis, a drug used to prevent or treat certain types of blood clots, has risen124%. The lifetime general inflation rate since Eliquis was introduced was only 31%, the AARP said.

"Brand-name drug prices have increased dramatically faster than inflation for decades," Leigh Purvis, the prescription drug policy principal at the AARP Public Policy Institute, said in a statement. "The median price of a new brand-name prescription drug is now approximately $200,000 per year, so even relatively small percentage price increases can translate into thousands of dollars and put life-saving medications out of reach of the patients who need them."

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