The average annual increase in retail prices for widely-used prescription drugs was 9.4 percent, compared with a general inflation rate of 1.5 percent. The average annual cost for therapy with that hugely expensive prescription drug mentioned above came in at an alarming $11,341. Not only would this account for three-quarters of an average annual social security benefit, it also amounted to nearly half of the median income for Medicare beneficiaries ($23,500), and more than one-fifth of the median US household income ($52,250) over the same time period.

Brand-name drugs increased, on average, by 12.9 percent. Specialty drugs weren’t much better, rising by an average of 10.6 percent annually, while generic drugs — supposed to save everyone money — still increased an average of 4 percent per year.

“Unfortunately, it’s becoming clear that we can no longer rely on decreases in generic drug prices to offset unrelenting price increases for brand name and specialty drugs,” Leigh Purvis, MPA, AARP PPI director of health services research and coauthor of the new report, said in a statement. Purvis added, “This shift has serious implications for older adults and the entire health care system.”