Why Drug Prices in The US Are So High—And What You Can Do to Limit Drug Spending
Americans spend more on prescription medications than any other country in the world: an average of approximately $1,300 per person. According to the nonprofit drug pricing research firm 46brooklyn Research, drug list prices are rising steadily each year by 5%. These rising costs are not felt as much by insurance companies and are largely.
How Did Drug Prices Get This High?
The US government, unlike many other governments, doesn’t directly regulate drug prices. Governments in Europe directly negotiate with drug manufacturing companies to limit what their healthcare systems will pay. On the other hand, drug manufacturing companies in the US are allowed to set whatever price they believe people will pay.
When prescription drugs were added to Medicare coverage in 2003, the pharmaceutical industry successfully petitioned for the federal government to be unable to negotiate drug prices.
What Is Being Done to Regulate Drug Prices?
Currently, there is a proposal backed by President Joe Biden to lower drug prices by negotiating the prices of several largely used medications.
In addition to this, the Federal Trade Commission (FTC) announced in June it plans to increase enforcement against bribes to PBMs in the hopes to create a more regulated market and reduce drug prices.
How You Can Reduce Your Drug Spending?
Apart from eating a balanced diet and increasing daily physical activity, the best way you can limit your drug spending is to purchase generic medications from wholesale suppliers.
We are transparent with our pricing, buying direct from generic drug manufacturers. We don’t take insurance, therefore don’t rely on PBMs, getting our patients the most affordable prices for their medications.
If you have any questions, call 800-810-7790 and our pharmacy team will be happy to assist you.