Rising drug prices are a common worry for some Americans, but for the millions of senior citizens who need medication, the increasing costs of prescription drugs can be devastating.
Alliance for Retired Americans Executive Director Rich Fiesta hypothesized a few reasons for the increase in drug prices on the AWF Union Podcast, and explained what is being done to lower those prices. Fiesta also gave an update on the Social Security Administration.
Skyrocketing drug prices
Fiesta said drug prices have and will continue to rise, and there is little hope this trend will stop. Limited regulations in the pharmaceutical industry allow companies to charge astronomical rates for the medicine people need to remain healthy.
This issue hits the elderly population the hardest, as many senior citizens live on a fixed income and rely on their medications. Fiesta said the consumer price index has also risen with drug prices.
He added that healthcare plans do not adjust to rising drug prices, which leaves many Americans to make up the remaining cost by paying out-of-pocket.
Reducing drug prices
Fiesta said there is a long way to go to reduce drug prices. Currently, Congress is considering a proposal to allow the Social Security Administration to negotiate for lower pharmaceutical prices. Currently the federal government is unable to negotiate such costs.
He believes allowing the Security Administration to negotiate drug prices will cause heated debates in Congress and bog down any progress made on the issue.
Social Security Commissioner fired
Fiesta also touched on a recent move by President Biden. He applauded the President for firing Social Security Commissioner Andrew Saul, who refused to resign. After Saul refused to leave his post, the President removed him. Since his removal, Saul claims the President’s action was illegal and will not stand.