One of the most significant issues Americans face concerning their health care costs is the high cost of prescription medication. While it’s an apparent struggle for those living with life-threatening conditions, the expense of brand-name medication for even common health conditions can be daunting.
For instance, the popular prescription drug Humira is used to successfully treat a broad range of health issues from rheumatoid arthritis to Crohn’s disease. Most Americans prescribed the drug paid roughly 14 billion dollars in 2015. On average, the total monthly cost of the drug is around $2,669.
Without coverage such as Medicare health insurance, most individuals would never be able to afford this necessary medication. This information becomes even more unsettling when you look at the cost of the same drug in other countries. In the United Kingdom, the cost of Humira is significantly less at $1,362. In Switzerland, it’s only $822.
Why is the cost of the same prescription drug so different in other countries? The formula is the same regardless of where the drug is sold. The issue is the current regulatory system set up in the United States.
The United States doesn’t regulate or negotiate the cost of new prescription drugs when they first come onto the market. Other countries designate a government agency to meet with the pharmaceutical company to negotiate a fair price. During the meeting, they discuss terms such as whether a new drug has any improvements over the old one used for the same condition, or if the drug should be placed on the market at all.
However, in the United States, drug manufacturers are allowed to set their prices, and every drug that is approved safe is permitted to be on the market without any terms discussed. This leads to extremely high copays and individuals who cannot afford their medication are forced to go without something they need.
The reason why the pharmaceutical industry is so desirable is due in part to the high profit. Therefore, lowering the cost of prescription drugs is seen as a trade-off by many individuals. Reducing drug profits could make the industry less desirable for investors. That could lead to less research toward potential cures.
Medicare Part D Prescription Drug coverage can help significantly lower the out-of-pocket costs for your prescription drugs. This type of plan will cover the cost of the medication you currently take with fewer restrictions. If you are struggling with paying for the medicine you need, it is time to look into a Medicare Supplement Plan.
To learn more about how you can lower the out-of-pocket cost of your prescription medication, contact the professionals at MedicareHealthInsuranceFacts.com at (877) 829-1109. Our licensed insurance experts will be happy to answer any questions you have.