A recent report from advocacy group Patients for Affordable Drugs reveals that escalating prescription drug prices are significantly affecting people of color, particularly Black and Latino patients. The report, released this month, shows that pharmaceutical companies have increased prices on at least 1,000 prescription drugs this year, with nearly half of these hikes exceeding the rate of inflation.
According to the report, one in three Americans struggles to afford their medications, with the issue disproportionately impacting Black and Latino seniors. These individuals are up to twice as likely to report difficulties in affording their drugs compared to other groups.
Notable drugs affected by recent price hikes include Enhertu, a medication used to treat HER2-positive breast cancer, and Revlimid, used for multiple myeloma. Enhertu’s price has surged eight times since its 2019 launch, reaching over $2,800 per month following a 3.49% increase in July. Revlimid has also seen a 7% price increase, now exceeding $89,000 per month. The report highlights that Black Americans face a higher incidence and mortality rate for these conditions.
Drug manufacturers have defended these increases. Daiichi Sankyo and AstraZeneca, producers of Enhertu, stated that the wholesale price does not necessarily reflect consumer costs. Bristol Myers Squibb, the maker of Revlimid, argued that the price reflects the drug’s clinical benefits and economic factors, and most patients do not pay the full list price due to financial assistance programs.
Patients for Affordable Drugs’ Executive Director Merith Basey criticized the lack of price regulation in the U.S., calling it a “crisis” that particularly harms people of color. Basey noted that Black and Latino populations are more likely to suffer from chronic conditions requiring costly medications, a situation exacerbated by systemic racial disparities in healthcare.
Carrol Olinger of Hope Mills, North Carolina, shared her personal struggle with medication costs. Despite having Medicare, Olinger, 54, manages multiple chronic conditions and spends up to $300 a month on medication. She described her experience during a period without insurance as a “nightmare,” leading her to reduce medication doses and deplete her savings.
In response to the crisis, advocacy groups like Patients for Affordable Drugs and Health Care for America Now are pushing for legislative changes, including support for the Inflation Reduction Act, which aims to lower drug prices. Margarida Jorge from Health Care for America Now highlighted the systemic racism underlying high drug prices, pointing to the lack of affordable treatments for conditions like sickle cell anemia, which disproportionately affects Black children.
As the 2024 presidential election approaches, concerns are growing about potential impacts on Medicare and Medicaid. Advocates stress the importance of protecting these programs and continuing efforts to make medications affordable.
Basey emphasized the urgent need for policies that ensure equitable access to medications, stating, “Ordinary people should not have to choose between paying for their medication and putting food on the table.”
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