Millions of Americans depend on prescription drugs to help them function, yet as medications rise in cost every year, it’s getting increasingly difficult to cope.
Approximately 18 million Americans said they were unable to pay for at least one prescription drug for their household, according to a 2021 survey by management consulting company Gallup and medical research organization West Health. And drug prices are only expected to go up: SingleCare, a free medication savings service, found that 852
“Unless there’s sweeping government action, I don’t foresee things getting better,” says Ramzi Yacoub, chief pharmacy officer at SingleCare. “That’s why we want to provide transparency and show how prices have changed, because it does impact our patients’ bottom dollar.”
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Yacoub notes that many major drug manufacturers had pledged to limit annual increases to under 10%, but verbal promises can be broken. Drug manufacturer Merck has been raising prices by 11% over the last several years, while Amgen raised its prices by 10% last year. And while platforms like SingleCare can offer discounts across thousands of pharmacies, those discounts can’t always make up for consistent price hikes.
“Even an increase of 8.1% is pretty significant, especially when we are talking about older people who are mostly on a fixed income,” says Jennifer Bourgeois, a clinical pharmacist based in McKinney, Texas and winner of SingleCare’s 2021 Best Pharmacist Award. “Ultimately, this results in poor health outcomes because people can’t afford the medication they need.”
If people cannot treat their conditions at home, with the medication prescribed to them, it can lead to increases in doctor and emergency room visits, explains Bourgeois. Essentially, drug prices affect the entire healthcare ecosystem — and since nearly half of Americans reported to SingleCare that they skip prescriptions or refills due to costs, it’s safe to say that many Americans are putting their health on hold.
Still, Yacoub and Bourgeois believe that are ways to effectively navigate prescription drug prices. For instance, if possible, patients should avoid brand medication and stick to generics, because generic medication prices tend to be more stable due to competition, explains Yacoub.
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“With brand medication, only one manufacturer is making that specific medication, but generic drugs have multiple manufacturers,” he says. “This leads to more competition and negotiations, so generics stay at a stable price or even reduce year after year.”
According to the Food and Drug Administration, generic drugs cost 80% to 85% less than brand-name equivalents and are usually just as effective as their expensive counterparts. For example, the generic version of Adderall, an amphetamine salt combo, is available in the same strength and prescribed quantities, and treats attention-deficit hyperactivity disorder for about $6 less per tablet.
However, some patients may not even realize a generic option exists — and that’s where a local pharmacist can help. Bourgeois considers pharmacists the most accessible healthcare professionals in the U.S. In fact, nearly nine out of 10 Americans live within five miles of their community pharmacy, as cited by the CDC.
“As a pharmacist, I take a lot of pride in helping my patients navigate their medication,” says Bourgeois. “If there’s a problem with the cost of your medication, please talk to your pharmacist because we can find solutions that are most cost-effective.”
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Pharmacists can reach out to doctors to get a medication changed to a more affordable option that is still covered by the patient’s insurance. In addition, they can utilize platforms like SingleCare to locate discounts for patients. Since SingleCare works with pharmacies to negotiate up to 80% off prescription prices, Bourgeois also advises patients to check the platform themselves to see how affordable their medication is at their local pharmacy.
While these solutions cannot fix the pharmaceutical industry, it can help patients be better healthcare shoppers. Still, some patients will find themselves unable to abate rising costs, especially if they take specialty medication, which treats complex, chronic conditions like cancer and rheumatoid arthritis. For instance, tretinoin, a drug for managing Leukemia, costs nearly $7,000 per month. And with no competition or regulations, manufacturers can raise these prices as they see fit.
In lieu of government action, it will be up to pharmacists and healthcare solutions companies to at least tell patients their options.
“If you have been on a particular medication for years, and that medication doubles or triples in price, communicate your concerns with your pharmacist,” says Bourgeois. “I encourage everybody to build a relationship with their pharmacist and communicate today. We want to help you navigate your healthcare journey.”
