“A new Kaiser Health poll shows that most Americans think prescription drug costs in this country are unreasonable, and that drug companies put profits before people. Want to know something? They’re right.” With the rise of technology, the rise of prescription drug mediation also rising. Does it make sense that companies are finding more cost efficient ways to make their drugs, but the cost patients have to spend on them only rising.
A study was created to show just how much the cost of prescription drugs has risen. The results were the prices increased 10.9% from 2013 to 2014. That is a significant increase in all types of medication including generic and specialty drugs. This study was conducted on over 300 million payments for prescriptions that were to pharmacies the in U.S.
Results of Increased Name Brand Medications, By Percentage
- Muscle stiffness, 29.8%
- Specialty drugs, 9.7%
- Treating enlarge prostate cancer, 52%
- Medication for Parkinson’s and asthma, 30%
- Alzheimer’s, 23%
- Erectile dysfunction, 19%
Results of Increased Generic Brand Medication, By Percentage
- Muscle pain and stiffness medication, 31.9%
- Inflammation, 31.7%
- Heart Medications, 23.7%
- Acne Treatments, 18.7%
- Antibiotics, 11.8%
- Allergies, .1%
- Diabetes, 0.6%
The prices of generic medication rose significantly to be noted on, but not in comparison to the rise in name brand drugs. Name brand drugs have raised the most in percentage out of all the other categories.
Why Are They Rising?
Bryan Birch, the Truveris Chief Executive explained the rise of brand-name medication cost is because inflationary pressure. The pharmacy benefits managers are requesting, and some would say pressuring, the drug companies to distribute discounts and rebates for their products. In order for the drug companies to compensate the money they would loose from the discounts, they raise the price of the prescription drugs. This results in the consumer not saving any money at all without the discounts being produced for the drugs they need.
“They’re taking these price increases wherever they can,” says Bryan Birch,” to make up for those additional price breaks. It’s heightened over the last several years and we don’t see the trend abating. For brand-name medicines, the increases could be 12% to 15% for the foreseeable future.”