Nearly 70 percent of Americans take prescribed medication daily, a recent Mayo Clinic study found. If this isn’t already bad enough, the pharmaceutical industry has such a vice-like grip on consumers such that nearly one in four Americans can’t afford to fill out their prescriptions. Drug pricing is a growing problem and warrants a closer look and possible solutions. We explore some of these below.
1. Drug Pricing
A majority of European countries have policies that allow governments (or relevant state agencies) to negotiate prices for every drug in the market. In the United States, however, relevant agencies such as the Centers for Medicare & Medicaid Services are prohibited by law from negotiating drug prices. Instead, the U.S. allows pharmaceuticals to set their own prices.
The Veterans Health Administration, (VHA)—the arm of the Department of Veterans Affairs that oversees medical care—has the ability to negotiate drug prices. Because of this, it pays almost 80 percent less for prescription drugs than Medicare does.
The VHA gets its negotiating power from the fact that it has a rigid list of prescription drugs that it will cover. In contrast, Medicare and Medicaid are required to cover almost all drugs approved by the FDA, regardless of whether a more affordable, but equally effective drug is available.
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2. Multiple Middlemen
The real price of your medication is often determined by your insurer and the drug manufacturer. As a result of this, you rarely know the actual price of a drug when you pick it up at the pharmacy. Instead, what you pay is the agreed-upon price. These days, however, insurance companies work directly with pharmacy benefit managers (PBMs).
PBMs negotiate drug costs with drug manufacturers and in this way, control patients’ access to medication, costs for insurers, and how much pharmacies are paid. PBMs add yet another middleman to an already complex system.
Realizing the growing need for access to affordable medication, discount plan organization, USA Rx has come up with a non-discriminatory pharmacy discount program made available through their discount card. This is made possible by the fact that they negotiate with PBMs directly to ensure that you pay the lowest price possible.
Their discounts apply in over 60,000 pharmacies across the United States and are available to both citizens and non-citizens, individuals with or without health insurance coverage, and individuals with high co-pays and deductibles. For more information on how to benefit from their discounts, visit their website today at usarx.com.
3. Patent Law
Pharmaceutical companies have become proficient in devising strategies that extend their copyright on a drug way after the expiration of its primary patent. One way to do this is by seeking FDA approval for a new product that varies ever-so-slightly from the original. The longer a drug manufacturer can hold on to its copyright, the longer it can continue to dictate the product’s pricing.
Always seek the medical advice of your doctor before taking new medication or supplements.
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and Supplements Are So Expensive