How Increasing Drug Prices Can Affect You

April 15, 2016

 

How Increasing Drug Prices Can Affect You
Picture Courtesy of: AARP.org

Tips to Better Understand Drug Prices 

Today in America, healthcare is getting more and more expensive. Drug prices are one major component that healthcare consumers need to be aware of.  Although healthcare is expensive there are different options regarding prescriptions and medicine.

Unfortunately, even though we are offered generic options for our prescriptions and medicine, not only are name brand product’s prices increasing, but generic is as well!

Generic drugs currently account for around 80% of prescriptions and although they are a great alternative when looking to save money, their prices are rising quickly. At least 27% of generic drugs have experienced a significant spike in pricing.

Why are they rising?

AARP claims that when manufacturers for a certain drug decrease, that causes the prices for that drug to increase due to the reduction in competition.

As a consumer here are some tips to in order to save money:

  1. Always ask for the generic version of your medication.
  2. Keep track of what you are paying each month for medications.
  3. If you notice a change in pricing, do not be afraid to ask your pharmacist questions!
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