A New Report Sees No End In Sight For Rising Medication Costs
Recently, researchers at the Chicago College of Pharmacy, part of the University of Illinois, put out a report which predicts that America’s overall prescription medication costs will rise by 11-13 percent by the end of 2016. These numbers are significantly higher than they were in previous forecasts, and unfortunately they’re also more likely to be accurate.
The report also takes a look at where the extra money went in 2015. For instance, of the 11.7 percent increase in drug costs:
- 2.7 percent came from the cost of new drugs,
- 8.4 percent was the result of higher prices on existing drugs,
- And just 0.5 percent of the increase was from an increased volume in the number of drugs sold.
Thus, while expensive new drugs like the hepatitis C cure grabbed both headlines and massive profits (to the tune of $14.3 billion), the real culprit behind rising medication costs has been the slow but steady price increases that are affecting every category of prescription drug. Other factors include an aging population, a growing economy, and the Affordable Care Act getting more people access to prescriptions.
Having this prediction handy is useful for hospitals and pharmacies to predict their yearly drug budget, but it’s also an effective motivation for those who are trying to bring medication costs down. For instance, biosimilar medications promise to increase competition by manufacturing drugs which are biologically identical to existing medications, including those still under patent protection. Governments at the state and federal level are also trying to improve things by increasing the transparency of the otherwise secretive price negotiation process.
However, one way you can enjoy lower medication prices today is with the USA Rx pharmacy discount card. Our card can get you up to 75 percent off the list price of prescription drugs both brand name and generic, and getting one won’t cost you a penny. Our discounts never run out, they don’t have coverage gaps, and they often get you better deals than your insurance copay, plus you’re always free to use whichever price is lower. To get more information, you can send an email to [email protected] or call our toll-free number at 888-277-3911.