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The cost of prescription drugs in the US are continually rising. This has resulted in many consumers forgoing their medications. For example, insulin, a necessity for survival for Type 1 diabetes patients, has increased in price quadruple times. With this, consumers are left with hard choices—to buy or not to buy?

The Rise of Prescription Drug Costs

Health Affairs published a study in 2019 that examined the price list of brand-name and generic drugs. The data was from 2005 to 2016 based on a large pharmacy database. The study showed that newly developed drugs are to blame for most of the higher costs. However, the older brand-name drugs account for the largest price increase.  

Researchers found out that older brand-name drugs have increased yearly by more than 9% per annum. The study also stated that specialty drugs have also increased prices by around 13% to 21%.  Furthermore, generic drugs also experienced a price increase. The study showed that it increased between 4% to 7%.

Possible Reasons Why Drug Prices Are Increasing

Below are a few reasons why drug prices are continually rising:

There is no competition.

A lot of brand-name drugs are protected against their generic competitors because of patents. But even when the patents come to an end, some generic drugs are still costly to develop. 

In the case of insulin, a lawsuit was filed by the three name-brand makers. This is to stop the development of generic insulin bioequivalent. Moreover, our medicare laws do not permit to negotiate drug costs. This allows drug companies to demand whatever price they want to achieve.

No way for patients to understand what prescription drugs truly cost.

There is a lack of transparency when it comes to drug prices. This has been going on for a long time. Insurance companies usually work out fixed-cost copays to pharmacy benefit managers and patients. 

Under the facade of furnishing rebates to patients, pharmacy benefit managers increase drug costs. They do this to get larger commissions. Furthermore, insurance companies and drug makers also gain from it. They can choose to charge more on the drug price. 

Acquisitions and merger in the pharmaceutical industry

Drugmakers who combine their efforts and expand their industry have more bargaining power with pharmacy benefit managers. This means they can set higher drug prices. Also, there is no transparency when it comes to these types of negotiations.

How to Save Cash on Your Prescription Drugs

The following are some ways you can use to save some money and afford your needed prescription drugs:

Consider Generics

There is no harm in trying generic drugs. Although their prices have also increased, they are still considered cheaper than branded ones. Moreover, more than 80% of all the drugs currently available in the market are generics. 

Generic drugs and brand-name drugs consist of the same active ingredients. This means they work the same. Furthermore, they only differ in other characteristics that don’t affect their safety and effectiveness. An example of this would be flavoring.

Compare Prices

It will help if you shop around. Comparing prices helps you know which pharmacy sells the cheapest prescription drugs you needed to buy. By doing so, you can save some money and use it for other necessities.

Try Out Discount Coupons

There are many ways you can get coupons. One of these is by searching it online. You can visit the website that offers discount coupons which can help you afford your medications. When searched properly, some sites even offer up to 80% discount on some drugs. 

Consider Mail Order Pharmacies

You can consider using a mail order pharmacy for your medication and other supplies. They are known to offer lower prices, plus you are not required to have insurance. After you place an order, you will receive your medication and supplies in the mail. Furthermore, it is vital to plan ahead when using a mail-order pharmacy. This is because it usually takes 1 to 5 business days to process your request.

Try Out Patient Assistance Programs

Patient assistance programs can help you with low-cost to no-cost prescription drugs. Pharmaceutical companies usually offer this type of program. It is designed to help those without prescription drug coverage or health insurance.

In order to avail of the program, you have to fill out an application form. The pharmaceutical company will then examine your application and see if you can qualify. Once approved, your medications will then be shipped to your home.

Consider Joining Your Pharmacy’s Prescription Club

Many drugstores have prescription drugs wherein you can take advantage of several discounts. Most of them provide an 85% discount on almost all prescriptions. Moreover, although they are not considered health insurance, they can still help you save cash.

Takeaway

With prescription drug prices continually rising, it is vital to find ways to save money on them. By doing so, you can easily afford the medicines you need. Furthermore, it is vital not to forgo your medication and put your life at risk.