Wednesday, July 20, 2016
CAN YOU AFFORD YOUR MEDS?
A huge role in the high cost of prescription drugs is increases in the drug manufacturer price. The prices of medicines that rose the most were brand-name and specialty ones. Drugs such as those used to treat cancer, multiple sclerosis and rare diseases. They increased by by more than 10% on average in 2013. In 2013, the average annual cost for a specialty drug was $53,384. That is roughly 18 times the average cost for a brand-name drug(2,960) and 189 times the average annual price for a generic drug. Some generic drugs also had high price increases. For a year's supply of a prescription drugs the average cost more than doubled since 2006 to over $11,000. Many adults 50 and older report struggling to pay for their prescriptions. They delay or decide not to fill a prescription due to the cost or by taking less medication to make it last longer. If they cannot afford the prescription drugs they need, this will lead to poorer health and higher health care costs in the future. Many consumers want politicians to support efforts to reduce drug prices. These measures would include making it legal to buy prescription drugs in Canada and Europe. Also, drug companies spend too much money on advertising to patients and health care professionals. The consumers suggest that the drug companies should publicly explain how they price their products. Also, it is important to be able to compare the safety and effectiveness of prescription drugs. Information provided by Jo Ann Jenkins