It’s no surprise that Americans tend to spend a lot of their money on prescriptions. It is estimated that we spend about $1,200 on prescription drugs annually. But why is this? And why does it keep going up? Let’s discuss.
Why Prescription Drugs Cost So Much In US
Pharmaceutical companies have often attributed high prices to innovation, saying they had to spend heavily on research and development (R&D) to provide better medicines to consumers. But a recent study has found that there is little evidence to support the connection between R&D costs and drug prices. A recently published study conducted by Health Affairs suggests that the growth in drug costs is mainly due to manufacturers raising prices on existing brand-name drugs. In fact, drug prices have gone up by 5.8 percent since 2019, despite the fact that medical R&D costs have remained flat, according to the study.
Are Drug Companies Overcharging
The study by Health Affairs looked at a decade of information about drug costs and then compared it with data on the number of drugs companies had actually developed. It concluded that brand-name drugs have indeed become more expensive in recent years and that companies were not only raising prices on existing drugs but also signaling that they have the right to raise prices on other medical products. So if the question is, “Are drug companies overcharging us?” the answer is “yes,” according to the new research.
Insulin is the best example of the price hikes on existing drugs. A vial of insulin went for $19 a vial in 2010, while it jumped to $350 by the end of 2020. Insulin is used to treat diabetes, but drug companies claim that the price hikes are justified by the steady increases in the prices of clinical trials and changes in how medications are reimbursed by insurance companies. But the fact that the core compound of insulin was actually invented back in the 1890s, and remains unchanged since then, is a clear indication that companies’ justifications are hollow.
The Impact of Rising Drug Costs on Ordinary Citizens
The rising cost of drugs can only be called cancer that is slowly but surely devouring the features of western societies. The magnitude of increase in the last decade has even surpassed common expectations, and every citizen is faced with this increase. If you ever find yourself in the hospital, you will notice that the price of drugs is still nearly four times higher than in early 1990. Some severe illnesses can even lead to a situation known as “dual pricing,” which means drug companies charge the same price for medicines within the same illness while raising the price for those who also suffer from a different type of infection. As a result, the price of drugs rises exponentially, not only on average but also for those who suffer from multiple disease conditions.
What Can You Do
If you are concerned about the high cost of prescription drugs in the US, it is important to get the necessary information on where to find the best prices and how to save money. The next time you will be looking to buy a prescription drug, you should look for a different brand of the same medication. Some of the leading drug manufacturers have looked to innovate their medications through the years and have released generic versions of many critical medications. Offering the same dosage and benefits at half the cost means this is a viable and cost-cutting option. However, if you don’t want to sacrifice quality so cheaply, then it is imperative you use a PhilRx card.
Why Using PhilRx Card Is So Important
PhilRx drug discount card reduces the price of prescription drugs by anywhere from 10-85%. In a way, you can say that a PhilRx card is a drug coupon or form of financial aid. It does not force the customer to buy any specific brand or medication but instead offers up to 85% discount on most medications available in the US and is also accepted by every pharmacist in America.
PhilRx drug discount card empowers you to get back your savings by simply using the card anywhere you choose. You can save money on thousands of medications and receive the maximum benefit of a PhilRx card without the need to be a special member or pay anything extra once you purchase the drug. All you have to do is to use a valid US prescription for your medication and then present the card and benefit from the discount price.
Obviously, you can save a lot of money with the help of the PhilRx card. PhilRx card is an efficient and cost-effective option that gives you the benefit of saving thousands of dollars on prescription medications. So, the next time you will be thinking of buying prescription drugs, make sure you have a PhilRx card with you.