If you have insurance, your prescriptions should be pretty cheap, right? Wrong. The chances of getting low cost prescriptions at the pharmacy are slim to none today.
Rising Prescription Drug Costs
The CEO of Prescriber’s Choice, Dr. Spencer Malkin, says “the two primary factors responsible for the high cost of prescription drugs are market exclusivity and insurance environment.”
The consolidation of generic and branded manufacturers generates a virtual monopoly for the drug makers that have been awarded FDA approval for a new drug.
Insurance carriers dole out prescription coverage to Pharmacy Benefit Managers or PBM’s. These PBM’s often set their fees based upon the total drug spend by the carrier. This creates an unstable environment that deters drug price reductions.
The PBM’s are also largely unregulated. This permits them to utilize their leverage to negotiate with drug manufacturers and inclusion on formularies are often a product of rebates provided back to the PBM. That practice encourages higher priced drugs.
Low Cost Prescriptions
While these factors are out of your control as a physician and a patient, you still have another option and way to deal with rising cost of prescriptions drugs.
Using a business model like Prescriber’s Choice to customize your prescription which could narrow the number of medications you would normally purchase.
How does it work? Well, it basically cuts out two middlemen – the pharmacy and the health insurance company.
Help with Prescription Drug Costs
Prescriber’s Choice is a pharmaceutical company that has created a new model for dermatological prescriptions. Medications can be customized and dispensed at the time of the office visit.
Today, patients are refusing to pay for their medications and leaving the pharmacy without their prescribed medication.
Dr. Malkin is solving this problem by working with doctors to create customized prescriptions for their patients to be dispensed at the time of the office visit.
Prescription Drug Cost
Prescription costs differ depending on your insurance coverage and the drug maker’s pricing. You could conduct a prescription cost lookup today, then again next month. Chances are, some information has changed.
In 2007, the EpiPen was $27. Today, it’s more than $500.
In 2015, Nova Pharma purchased three gels that help treat skin conditions and increased drug costs tenfold. One of those drugs, Alcortin A, went from $226 to $2,995, then to $9,561.
To make bad news worse, many time these prescriptions are not covered by insurance companies because they are not considered “life-saving.” But, there is good news.
Cost of Prescription Drugs without Insurance
When the cost of prescription drugs are that high, it’s hard to imagine what the cost of prescription drugs without insurances would be. Guess what? It can be cheaper.
When the middleman is eliminated, like Prescriber’s Choice makes possible for dermatologists and their patients across the country, patients get help with prescription drug costs and can get medication customized, in the doctor’s office, at the time of their visit.
This doesn’t only save the patient time and money, but it’s more convenient. In addition, the patient is more likely to abide by his or her doctor’s instructions because there is no middleman. Therefore, everything is starting and ending in the doctor’s office.