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RISING DRUG PRICES CONTINUE TO OUTPACE INFLATION
Pharmaceutical companies raised prices for the top 100 brand- name drugs by another 5.5 percent in the first half of 2005, according to Delta Marketing Dynamics. Comparatively, inflation rose by 2.5 percent in the first half of the year. Not surprisingly, the drug industry continues to rake in huge profits. Pfizer, the nation�s top pharmaceutical company,
made $50.9 billion in 2004, according to IMS Health. As companies are looking to increase profits even more. A study by the Boston University School of Public Health found that
under the 2003 Medicare law, drug companies would realize $139 billion in new profits over eight years. The flawed legislation prohibits Medicare from negotiating discounts
with drug makers. For more information on the Boston University study, visit their Web site at http://www. healthreformprogram.org.
PATIENT SAFETY LEGISLATION SIGNED INTO LAW
Legislation recently signed into law will make it easier for hospitals to report medical errors and improve the quality of healthcare and patient safety. The Patient Safety and
Quality Improvement Act of 2005 establishes a national network of patient safety organizations, maintained by the U.S. Department of Health and Human Services, for hospitals to report medical mistakes. The reports would be voluntary and confidential, and the patient safety organizations would use the information to develop ways to improve patient safety and reduce medical errors. The new law also contains strong whistleblower protection to prevent loss of a job, promotion or work-related benefits for nurses and health professionals who �in good faith� report errors to a patient safety organization.
In addition, it provides a right of civil court action to protect healthcare workers. State employees are also covered by the provision. The AFT, along with other unions, worked diligently to assure these new protections were in the final legislation. President Bush signed the bill into law on July 29.
Shopping for Rx Bargains
Have you been successful in lowering your cost of medications? Share your tips and see where others are shopping for Rx bargains on the AARP message boards.