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By: Sahily Paoline, Xevant
The prices of prescription drugs in the United States have become a significant obstacle for many individuals seeking access to essential medications. The Office of the Assistant Secretary for Planning and Evaluation shares that the average price increase for drugs from 2016 to 2022 was 31.6%.
The burden of high drug costs often leads to individuals avoiding filling their prescriptions or adhering to prescribed treatment plans, resulting in non-adherence and potentially detrimental health consequences. This article examines the reasons behind this issue, explores potential solutions, and provides advice for readers facing financial difficulties due to drug costs.
The Impact of High Drug Costs
The exorbitant prices of prescription drugs can dissuade individuals from obtaining the medications they need. Non-adherence can be attributed to many factors, such as fear over medication, misunderstanding, or even mistrust of the healthcare system.
Financial strain is one of the major reasons for cost-related non-adherence, which can have serious implications for public health, especially for conditions like diabetes, high blood pressure, asthma and mental health disorders. Failure to take prescribed medications can exacerbate these conditions, leading to deteriorating health, increased hospitalizations, reduced quality of life, and, in extreme cases, life-threatening complications.
Addressing the Issue
To tackle the challenge of high drug costs, several changes must be considered and implemented. First, reform is necessary. There must be changes to address the pricing and affordability of prescription drugs, ensuring access to those who need them. More so in that area, drug prices need to be more transparent. This could help patients make better decisions while still driving healthy competition in the drug industry, which may help to reduce costs overall. Transparency could be improved upon in multiple ways, including providing rebate data, clawbacks, spread pricing, and other factors.
Another avenue that needs addressing is the lack of information on the availability of generic drugs. As noted by the Food and Drug Administration, generic medications work in the same way as name brands, but some patients do not know this. By increasing insight into affordable medications and alternatives, those struggling to afford their prescriptions would have another option.
On a grander scheme, government organizations like Medicare must be empowered to negotiate drug prices with drug companies. Applying some pressure could help to improve affordability to the most needy patients.
The Role of Health Insurance
Health insurance plays a crucial role in addressing the issue of high drug costs. While individuals without insurance face immediate financial burdens, even those with insurance may encounter high out-of-pocket costs if their plans have high deductibles, co-pays, or limited drug formularies. The impact of high drug costs is not limited to the uninsured but affects all Americans, regardless of insurance coverage. Immediate action is required to address this growing problem.
Life-Threatening Drugs and Financial Assistance
Certain medications are not only expensive but also life-threatening if not taken as prescribed. Drugs such as insulin for diabetes, antiretroviral medication for HIV/AIDS, immunosuppressants for organ transplant recipients, and specific cancer treatments fall into this category. In cases where individuals find themselves in a financial bind, several options can help alleviate the burden.
Many patients do not realize they can ask their healthcare provider about alternative medications that are more affordable. Doctors need to be able to advise their patients on the availability of patient assistance programs as well. Patient assistance programs for low-income individuals may need to be more widespread, providing better information and knowledge to patients, and patients should be informed on how to find these solutions.
Patients should also be assited when it comes to finding discounts and coupon codes, which are readily available from manufacturers in many cases. There are various resources to help connect patients with the alternative medication options they need while also supporting them in getting the best price available. Along the same lines, pharmacists can also share this information regarding generic medications and discounts available as a standard of practice.
Patients also need to know they can contact insurance providers to find out if there are alternatives to better coverage or medications that may be more affordable. Asking for clearance or higher coverage could also be an option.
More so, patients play an important role in advocating for change within the industry. Educate others, talk to your representatives, and push health insurance companies to offer more solutions.
About Sahily Paoline:
Meet Sahily – a licensed pharmacist and experienced business leader with over two decades of expertise in providing top-notch clinical care, leading organizations, and motivating teams in the digital health and pharmaceutical industries. Sahily’s specialties include Clinical Program Management, Pharmacy Practice, Operations, and Business Development. She strongly advocates for a holistic approach to healthcare and is dedicated to incorporating data and technology into patient care.
