Does anybody remember Martin Shkreli, the infamous “Pharma Bro?” In 2015, Shkreli’s company took over another company that manufactured a drug called Daraprim. Daraprim is a lifesaving drug that helps people with organ transplants and AIDS complications. In 2009, Daraprim cost $1 per pill. By 2015, one Daraprim pill cost $13.50. Shkreli’s company hiked the price of Daraprim by over 5,000% overnight. So, one Daraprim pill increased in price from $13.50 per pill to over $750 per pill. After the initial uproar, the price of Daraprim was lowered to $350 per pill as if that would be seen as a favor to consumers. Amazingly, Shkreli wasn’t arrested for morality-bereft price gauging and taking advantage of economically disadvantaged consumers; he was arrested for securities fraud charges in 2017 and is currently serving a 7-year sentence. The point of Shkreli’s saga is to reinforce the reality that when prescription medication prices are increased, usually nothing is done to help the consumer. You, the consumer, have to find a way to cope with increasing prescription drug prices. Still, there are a few things you can do if you can’t afford prescription medicines.
And the high cost of prescription medication is a perpetual problem for many Americans. Most politicians always include a propagandistic talking point about Americans choosing between the cost of vital prescription medications or bills, but it is a real problem.
Shockingly, over 44% of Americans said that they went without a vital prescription within the last 12 months because it cost too much.
Think about that – within the last 12 months, almost half of Americans decided that necessary prescription medication costs too much to take. So, they just went without a medication prescribed by a doctor but too expensive to buy so they could pay their bills.
When You Can’t Afford Prescription Medicines
Before I explain your options if you can’t afford prescription medicines, let’s take a closer look at the problem.
The average cost of prescription drugs has increased by over 33% since 2014. Why? Well, like the case I presented in the Shkreli drama, increases in prescription medication prices is usually related to supply and demand.
Or just corporate greed. Increases in prescription drug prices are sometimes tied to pharmaceutical lobbyists lobbying lawmakers to prevent the implementation of regulations to keep medications affordable.
Currently, there are no federal regulations in place to keep drug prices affordable for average consumers. This fact is also why Martin Shkreli was arrested for securities fraud, not for hiking the price of a $13.50 per pill drug to $750 per pill.
And unfortunately, there is not much that you as a consumer can do about it if you want access to brand-name drugs.
Over 12% of Americans reported that their prescription drug prices had increased by $100 since 2019.
Over 60% of American adults between the ages of 18 and 64 were prescribed at least one prescription medication within the last year. So basically, about six out of every ten Americans were prescribed a medication.
For most of us, there is no way to get out of being prescribed medication depending on personal medical circumstances.
Additionally, over 70% of Americans had to pay out-of-pocket for their prescription medication. This is because their medical insurance didn’t cover it, or they just couldn’t afford it.
The average American spent over $144 annually out-of-pocket on their prescription medication needs.
So, what to do if you can’t afford prescription medicines? Here are some options.
Patient Assistance Programs
If you can’t afford prescription medicines, check out NeedyMeds and apply for the Patient Assistance Program.
Patient Assistance Programs are assistance programs designed to offer free and discount prescription medications to those who qualify.
Pharmaceutical companies give billions of dollars worth of medicine away to such programs every year for PR purposes.
The NeedyMeds prescription card could qualify you for free or an 80% discount on your prescribed medication. Additionally, the NeedyMeds card is accepted at 63,000 American pharmacies.
However, you have to apply relative you where you live, and you may not qualify. And you will only qualify for free or discounted medicine for a predetermined time period, not for as long as you need them.
Also, you may find that even if you qualify for this program, your prescription medication is not covered under it.
And even if you do qualify, it could take 14-days to a month for your free or discounted medicine to arrive.
Coupons
Many medications are available at lower prices via digital coupons. Here is a website with a listing of sites that offer digital coupons for prescription medications.
Generic Prescriptions
If you can’t afford prescription medicines, make sure to ask your doctor if your medicine has a generic version. It doesn’t hurt to ask, and you have an 80% chance of getting a positive response.
Over 80% of all prescription medications have a generic version. Generic drugs contain the same ingredients as their brand-name counterpart. When you buy brand-name drugs, soft drinks, or clothing you are paying for the brand name more than the product itself.
Additionally, generic drugs are 30% cheaper than their brand-name counterpart.
If every person requested generic drug versions when being given a prescription, American consumers would save $10 billion collectively every year.
Can’t Afford Prescription Medicines? Be Proactive
If you find that you can’t afford prescription medicines, be proactive.
Look for patient assistance programs that could help you to qualify for free and discount medications.
You can also scour internet coupon sites to save on your prescription meds.
Or just remember to ask for generic versions of your medications before your doctor gives you a prescription.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.