The president and chief executive of Pharmaceutical Research and Manufacturers of America (PhRMA) has highlighted the importance of discounts on prescriptions. His comments come following the launch of the organization's "Share the Savings" campaign. He suggested patients with access to discounts on prescription drugs at the point of sale might "dramatically" reduce the amount they spend on medication, such as Zocor or Lasix.
Earlier this week, PhRMA launched its "Share the Savings" Campaign to educate the public about the lack of prescription discounts passed on to some patients with high-deductible health plans. Many patients pay a lower price following negotiations between biopharmaceutical firms and their health plan provider. However, commercially insured patients with high deductibles and coinsurance often miss out because insurers are increasingly likely to require patients to pay cost sharing based on the full list price.
"We need to ensure patients receive more of the benefit of price negotiations between biopharmaceutical companies and payers," stated Stephen J.Ubl, president and chief executive of PhRMA. "Providing access to discounted prices at the point-of-sale could dramatically lower patients' out-of-pocket costs," he added. The issue of whether insurers use the full list price or a discounted rate was highlighted in a report by Amundsen Consulting earlier this year. It revealed cost sharing for almost one in five brand prescriptions is based on the full list price.
Further analysis found that for commercially insured patients buying branded medicine, the full list price accounted for over 50 percent of the out-of-pocket spend. For many patients, whether they have a health plan or are uninsured, annual prescription costs are on the rise. A survey conducted by Consumer Reports Best Buy Drugs last year found almost half the respondents regularly took a prescription drug. Three out of ten reported paying more out of pocket for at least one of their prescriptions in the 12 months leading up to the poll.
If you struggle with prescription prices for drugs such as Zoloft, there are ways to reduce outgoings, even if you have insurance or Medicare Part D cover. ModRN Health helps you find the local pharmacy with lowest price on your prescription. Patients can compare prices, search for generic alternatives and tailor results before printing or saving their selected discount coupon. Even if you have insurance or a health plan, it may be cheaper to purchase medication yourself rather than through a plan, as online prices may be less than a co-pay.
Another option to reduce spending is to exploring cheaper generic alternatives to replace branded medications such as Motrin or Advil. Buying generics, particularly with a discount coupon, rather than claiming on insurance or a health plan may significantly reduce out-of-pocket payments. It is worth nothing medication purchased with a coupon will not count towards meeting your deductible, so you should check your cover to establish the cheapest option for you. However, patients unlikely to meet their health plan's deductible may find it cheaper buy prescriptions with cash and an ModRN Health discount coupon.
