10 Ways To Save On Prescription Drug Costs

With data from the Kaiser Family Foundation revealing that more than half of drugs covered by Medicare have experienced price increases faster than inflation, how can you get the best medication for yourself and your loved ones while still saving money?

10 Working Tips

• Work With Your Pharmacist
• Check If You Qualify For Patient Assistance Programs
• Look Into Generics
• Use Apps To Save Money On Prescription Meds
• Сomparison shop for your medications
• Negotiate With Your Doctor
• Change Your Insurance Plan
• Use A Mail-Order Pharmacy
• Get Your Medications Through The Veterans Affairs Office
• Consider Generic Drugs

Prescription Drugs: Why Are They So Expensive?

The answer to this question is simple: because people will always need them.

However, there are a number of factors that contribute to the high cost of prescription drugs, including:

• The research and development costs associated with bringing a new drug to market can be very expensive. It is not uncommon for pharmaceutical companies to spend billions of dollars on research and development before a new drug is approved for sale by the FDA.
• The price of raw materials used to manufacture drugs has been rising in recent years. This is due to a number of factors, including increased demand from China and other emerging markets.
• Patent protection for brand-name drugs expires after a certain period of time, allowing generic versions to be manufactured. However, the process of developing and FDA-approving a generic drug can be costly.
• Marketing and advertising costs associated with promoting brand-name drugs to doctors and consumers can be significant.
• The rebates and discounts that pharmaceutical companies offer to pharmacies and insurance companies can also contribute to the high cost of medications.

Conclusion

While there are a number of factors that contribute to the high cost of prescription drugs, there are also a number of ways that you can save money on your medications. By working with your pharmacist, comparing prices, and looking into generic options, you can be sure to get the best possible price on your prescription drugs.