The U.S. Congress is in the race to reduce yearly spending on prescription drugs by Americans. But even as this is happening, drug companies are on a launch offensive by making high-cost drugs that many people can’t afford. There is a loophole in that the free market allows drug makers to set their own prices with little or no government intervention.
Some drugs used to treat chronic illnesses have had their prices hitting the roof in recent years. On the other hand, pharmaceutical companies argue that the price of these drugs reflects their value in treating rare conditions with no therapies. They also stress the fact that the insurers determine the out-of-pocket costs. The question then arises, Is the high cost of prescription drugs making people miss their medication? Here are the facts.
People Unable To Afford High-Cost Drugs
For several years, prescription costs have exceeded other essential products and services such as food, basic utilities, and transportation. Even worse, the high cost of drugs has outpaced people’s income, making many skip filling their prescriptions.
Skipping medication is not desirable for the country, and its consequences are far-reaching. First off, it leads to many unhealthy individuals, low productivity at work, high-stress levels, and mortality.
All these factors can strain the national health system and raise healthcare spending costs. In the end, the insurance companies will charge higher premiums and coinsurance. It’s an endless cycle that typically disrupts the economy.
A 2020 survey by BuzzRX revealed that 40% of Americans were struggling to pay for their modification. Because of the financial stress occasioned by the pandemic, household budgets were a little bit squeezed. Consumers had challenging options to spend money on basics or fill prescriptions.
Most opted to buy food, meaning a lot missed their medication. There hasn’t been much change since the pandemic started because inflation or increase in prices for food and other commodities has been on an upward trajectory.
Discount Savings Cards, Are They The Solution To High Prescription Costs?
Do most people view discount cards as the savior in this era of high prescription costs? Can they increase medication adherence and promote a healthy population?
Prescription discount cards offer savings for medications and are cost-saving options for most Americans. According to statistics, at least 40% of Americans fill up a prescription every month, making affordable medication a vital consideration for overall patient care.
If you don’t have adequate insurance, you can save money on the brand or generic drugs by taking out a prescription card. However, the savings depend on the pharmacy and how you fill your prescription.
Prescription discount cards are provided by companies such as BuzzRX that negotiate with pharmacies and drug manufacturers to offer discounts to individuals who pay 100% out-of-pocket for medication.
You can visit prescription discount savings sites and get a free card. Large retailers such as CVS Pharmacy, Walgreens, and Walmart accept these cards to build client loyalty and promote purchasing other items, not just drugs.
Is There Hope That Drug Prices Will Drop?
Providing affordable health care for all Americans is no small feat for the Federal Government. Nonetheless, state-driven programs and policies can help lower the cost of drugs by eliminating practices that prevent fair competition among pharmaceutical companies.
Congress’s intervention through the landmark bill, Inflation Reduction Act of 2022, which features a yearly cap on drug price increases, is one step toward enabling affordable medication. It also permits the Medicare program to bargain prices for up to 20 top drugs. However, the bill doesn’t limit how much manufacturers can charge for new medicine. Experts see this as a leeway for drug makers to charge more for new drugs. Only time will tell!