PRICES: The cost of prescription drugs can be a big hit to the budget.
We found an article in Consumer Report about a 2017 survey the agency conducted. Consumers whose prescriptions went up made some sad decisions: either cut back on groceries, take on additional debt or opt to delay retirement.
Meanwhile, an investigation in January 2019, also by Consumer Report, has shown that the amount patients pay for medications, especially those using Medicare Part D, can vary from hundreds to thousands of dollars each year.
This varied price tag is related to the pharmacy used by the consumer. It also depends on whether the sign-up process was completed correctly.
An investigation by Consumer Reports showed that, when five common medications were priced at six U.S. cities, the annual price per drug was significantly different. For one, the drug was $688 for one year at one pharmacy and $1,687 at another four miles away. In another situation, the same drug was priced at $999 for one year.
Medications costs are projected to rise. According to a study by the Henry J. Kaiser Family Foundation, Medicare Part D spending per person enrolled is projected to increase 4.7% from 2017-2027.
For those who are covered by Medicare, the same study showed that prescription drugs were responsible for $1 out of every $5 Medicare enrollees spent out of pocket in 2016.
On the good news front, both Democrats and Republicans seem to be in favor of reducing prescription drug costs. In fact, 84% of Democrats and 91% of both Republicans and Independents are in favor of easing the process to get generic drugs into the market, thereby increasing the competition and reducing costs.
Also, 84% of both Democrats and Republicans are in favor of requiring drug companies to release to the public details on how they set their drug prices.
Another option being strongly considered by both political parties is the move to permit the purchase of prescription drugs from Canada and from online pharmacies based in Canada — both moves that would help cut costs for those who struggle to pay for regular prescriptions.
