02/29/2016 01:55 pm ET

Drug Prices Double Over 7 Years

TRENTON, N.J. – The average cost for a year’s supply of a prescription drug doubled in just seven years to more than $11,000 – about three-quarters of the average annual Social Security benefit.

That’s according to the latest study of price trends for widely used drugs conducted by AARP, the senior citizens advocacy group. It finds prices for existing drugs, driven entirely by manufacturer price hikes, have been rising more quickly since 2007 and will likely continue to do so.

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