How to Manage Rising Generic Prescription Drug Prices
March 12, 2015 | By Evans Dermatology Staff
With the rising costs of prescriptions and generic alternatives, the burden of figuring out how to afford necessary medications has been shifted onto the patient. Generic formulas are no longer as cheap as they once were making it more difficult for patients to pay for and receive the treatment they need. An article just published on Modern Medicine Network delves into why prescription costs have skyrocketed, and the impact this has on patients.
According to this infographic by Catamaran, generic prescription costs have risen over 400% in the last four years making it more expensive to obtain medications that some patients have been taking for over a decade. It also explains that 33% of generics now cost patients over $100 per prescription. Many medical industry experts believe this is due to pharmaceutical manufacturers not charging enough in the past, making it more costly now. Others say the cost is being driven up by manufacturers because the demand for generics is much higher than name brand medications.
Our dermatologists aim to prescribe treatment that’s obtainable, affordable, and most importantly, effective. To learn more about our philosophy on affordable treatments for our patients, read our advice citing 4 Ways to Save Money on Prescriptions.
Although it doesn’t seem like this issue will be resolved anytime soon, there are tools you should know about to help you save money and ensure you are paying a fair price for your prescriptions. The article by Modern Medicine Network suggests downloading one of these apps and use it to shop around for the best price.
Several of the apps that they mention are also available on the web, including GoodRX for example at www.goodrx.com.
The article points out that prices do vary from pharmacy to pharmacy and that reputable mail-order pharmacies sometimes offer the best prices on particular medications. You can also ask about discounts for paying in cash, manufacturer coupons, or any incentives that your pharmacy may be running.
As always, making sure our patients receive the treatment they need is our top priority. If you are unable to afford your prescriptions please contact us so that we can help find a treatment option that is right for your health, and your wallet.