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Fact Checked

Current Trends In Prescription Medication Pricing Among Senior Americans

Current Trends In Prescription Medication Pricing Among Senior AmericansDuring the past 4 or 5 years, we have seen an increasing number of news headlines that focus on seniors in America and the financial hardships they are suffering with regarding the cost of their prescription medications. Headlines such as “Many seniors Traveling to Canada to Purchase Their Prescription Medications” or “Save Money on Prescription Medications by Purchasing them in Mexico” are appearing in the tabloids in increasing numbers all the time. Indeed, it is a state of affairs where America’s senior population is concerned.

As early as 2004, studies were being conducted regarding the current trends in prescription medication pricing. Once such study conducted by the Boston University School of Public Health and presented to the US House of Representatives’ Prescription Drug Task Force revealed the following facts and statistics. At that time:

  • 25% of all Americans had no prescription drug coverage and that number is expected to rise steadily over the next 10 to 12 years
  • Although it has been defined as misleading, the drug companies once blamed 20% of the cost increases on research costs (it was later revealed that marketing research was the culprit and not R&D)
  • Despite the fact that pharmaceutical research and development accounted for only 0.97% of all health spending in the US, the drug companies blamed the high cost of R&D as being responsible for rampant increases in prescription medication prices
  • Prescription medication costs were increasing at a rate of 3 times faster than overall drug expenses
  • The most profitable industry in the US at that time was pharmaceuticals

 

Although the Affordable Care Act was passed in March of 2010, little has been done for the senior community in order to help them with these ever-increasing prescription medication prices. Fortunately, seniors and individuals from other age groups now have an option.

Anyone who does not have healthcare insurance or who does not have prescription drug coverage in their current plan has FREE access to the USA Rx pharmacy discount card. Not only can you receive discounts of up to 75% on qualifying prescription medications, it is now accepted at over 60,000 pharmacies throughout the US. Simply download the card, print it out, and start using it immediately. More information regarding this money-saving card is available at the USA Rx website.

Published December 2nd, 2014 by USA Rx
Fact Checked by Chris Riley

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