Some low-cost generic drugs that have helped restrain health care costs for decades are seeing unexpected price spikes of up to 8,000 percent, prompting a backlash from patients, pharmacists and now Washington lawmakers. A Senate panel met Thursday to scrutinize the recent, unexpected trend among generic medicines, which usually cost 30 to 80 percent less than their branded counterparts. An analysis of 280 common generic drugs by Professor Stephen Schondelmeyer found that roughly a third recorded prices increases in 2013. The University of Minnesota researcher said those numbers show that generic price increases are not limited to a few isolated cases.
Read the full report from ABC News (via Associated Press) here.