According to some reports, there are approximately 25% of Americans can’t afford prescription drugs due to high out-of-pocket costs. For the past ten years, the high cost of prescription drugs is still a major problem in the United States.
Unlike other countries, the U.S. does not have any government policy that negotiates and regulates drug prices in each region. This makes it less likely for Americans to get affordable prescription drugs in the market. Thousands of health insurance agencies across the country decide and negotiate their own medical prescription prices with their drugmaker partners.
Thankfully there is an option to access more affordable medicine. At ZipRX, we can make a change by providing affordable prescription drugs to Americans with our online, on-demand medical care services. People don’t even have to make a trip to the pharmacy because the medications are delivered conveniently to your home.
Why Do Many Prescription Drugs in the U.S. Cost So Much?
According to a report by the RAND Corporation, the cost of prescription drugs in the United States is an average of 2.56 times higher than the cost of prescription medicines in 32 other Western countries. It was also reported that those medical drugs costs have been steadily increasing.
Reasons Why Prescription Drugs Cost More in the U.S.
There are many factors why the U.S. has two to six times higher costs of prescription drugs than other countries.
These are some of the main reasons:
- In the United States, the main cause of overpriced medical drugs is the lack of drug and medical cost regulation. There is no policy that mandates pharmaceutical companies to follow the suggested drug prices on behalf of the country’s residents. This market exclusivity allows them to decide their own medical drug pricing, eventually giving them the freedom to increase their drug prices beyond inflation rates.
- Another reason why the high cost of prescription drugs is still prominent in America is that compared to the rest of the Western countries, the U.S. is carrying the huge cost of research and development in the medical and pharmaceutical fields. They claim that if American citizens won’t pay such hefty prices for medical drugs, the investment in innovative treatments would drastically decrease.
- Drug manufacturers are also the cause why having affordable prescription drugs is quite hard to achieve in the country. They usually offer pharmaceutical rebates as an incentive to health insurance firms to get their drug and have them sold for their clients.
The seriousness of the illness also makes the cost of medical drugs higher. Since these drugs are made to treat or cure severe diseases, the higher their costs are.
Effects of High Cost of Prescription Drugs
The high cost of medical drugs in the U.S. has many adverse and long-term effects on Americans. Based on the Medical Expenditure Panel Survey, 19.1% of Americans allocated 10% of their income on their medical expenses, which eventually leads them to huge financial stress or bankruptcy.
The effects of the high cost of prescription drugs is evident in those regions that have no universal healthcare. Those individual patients who can’t afford to get a health insurance plan are greatly impacted by the expensive out-of-pocket medical costs. Many people die from not getting proper prescription medication.
Below are some other effects:
Non-compliance to Medication
The high cost of prescription drugs has made many Americans reduce the dosage or stop the ongoing treatment that they need for the sake of saving money. According to the National Center for Health Statistics survey, almost 8% of Americans failed to take their medications to save money. Additionally, it was estimated that 23.1% of Americans did not take their prescription instructions due to high prescription drugs cost.
Getting Prescriptions Across the Border
American citizens getting medications outside the country is another effect of the high cost of prescription in the United States. Since the medical drugs cost in other countries is lower than in the U.S., many Americans are incentivized to get medicines from other sources.
ZipRX’s Affordable Prescription Medication
At ZipRX, we have pharmacists who can provide prescriptions online. Affordable medications are delivered right to your home. Our on-demand prescription filled at a fraction of the cost.
The high costs of prescription drugs in the United States are a result of several factors including the lack of drug cost regulation, the fact that American companies are doing much of the research, drug manufacturers offering rebates to health insurance firms, and drugs for more serious illnesses cost more. In order to provide Americans with access to affordable prescription medication, ZipRX provides online prescriptions for medicines at lower prices by our network of doctors, specialists, and pharmacists. The medications are delivered conveniently to your home.