Specialty drugs, used to treat conditions that commonly affect older populations, are among the most expensive drugs on the market. In 2020, the average annual cost of therapy for a single specialty prescription drug was $84,442 per year, almost $20,000 higher than the median U.S. household income ($65,712). The annual specialty drug cost was nearly three times the median income for Medicare beneficiaries ($29,650) and more than four-and-a-half times higher than the average Social Security retirement benefit ($18,530). The latest AARP Public Policy Institute Rx Price Watch Report provides further details.
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