A new study by the Urban Institute has found that the high prices of prescription generic as well as brand drugs are affecting millions of Americans, according to Fox Business.
The skyrocketing prices of prescription drugs are prompting the vast majority of patients, including Medicare beneficiaries, to delay or prohibit getting their medication from providers.
Headquartered in Washington, D.C., the Urban Institute is a think tank that carries out economic and social policy research to open minds, shape decisions, and offer solutions.
The study found that 13 million American adults saw a delay in receiving their prescription drugs or did not even get their drugs altogether in 2021 due to the high price.
Of 13 million Americans, more than 2 million were Medicare beneficiaries, 3.8 million were with private insurance, over 1 million were with Medicaid, and just over 4 million were uninsured at any point during the year.
The Urban Institute said, “Recent congressional negotiations have focused on policies to expand health insurance coverage and lower drug costs, including authorizing the negotiation of drug prices for people with Medicare and private health insurance, requiring rebates for price increases that outpace inflation, and capping out-of-pocket costs in Medicare.”
The study also found that women, people with low incomes, and those with multiple chronic medical conditions were more affected by the prices. Almost all Medicare beneficiaries and 80% of adults with private insurance plans with unmet prescription drug needs have been diagnosed with chronic conditions such as diabetes, hypertension, high cholesterol, stroke, arthritis, and respiratory disease.
Furthermore, the study found that privately insured adults (5.3%) and those with Medicare (25%) have been spending a significant amount of money on prescription drugs.
The Urban Institute wrote, “Policies to reduce drug prices and limit out-of-pocket spending could increase access to needed prescription drugs for adults with Medicare and private coverage, and efforts to expand coverage to the uninsured population could further improve prescription drug affordability.”
Nevertheless, you have a few options to save money on your prescription drugs. If you find it difficult to pay for high-priced prescription drugs, you can consider using drug discount cards or pharmacy cards. You can even choose less expensive generic substitutes, look for coupons, or consider alternative insurance options.
