“I guess it’s expensive to breath now,” a patient lamented to me after I told him his inhaler would cost $250. We both knew there was no way he could afford it. Prescription medications in the United States are extremely costly, even for patients with insurance.
According to a report by the ASPE, the cost of prescription drugs in the United States has been steadily increasing over time. The report analyzed drug prices from 2016 to 2022 and found that the average cost of a prescription drug in the U.S. increased by 31.6% during that time period, after adjusting for inflation. Here’s how drug prices have increased in the United States over time, based on a different report by the Kaiser Family Foundation:
- Xarelto, a drug prescribed to prevent or treat blood clots, is priced more than twice as high in the United States, on average, than in the United Kingdom or Switzerland.
- The average price of Truvada in the United States is 44% higher than in Switzerland
- Avastin is priced 124% higher in Switzerland and 125% higher than in the United Kingdom.
Reasons for high drug prices
The lack of price regulation in the U.S. pharmaceutical market is a major factor contributing to the high cost of prescription drugs. Unlike in other countries, the U.S. government does not negotiate drug prices with pharmaceutical companies (with some new exceptions).
Some other reasons include:
- Pharmaceutical companies spend a lot of money on marketing and advertising to promote their drugs. These costs can also contribute to higher drug prices.
- The pharmaceutical industry is highly consolidated, with a few large companies dominating the market. This lack of competition can lead to higher drug prices.
- Drug companies have a monopoly on their products for a period of time, typically 20 years, which allows them to charge high prices without competition from generic drug manufacturers.
Impacts on patients
High drug prices can make it difficult for patients to afford the medications they need to treat their illnesses. Patients may be forced to choose between paying for their medication and paying for other essentials, such as rent or food.
Some patients may try to save money by skipping doses or cutting their pills in half. This can lead to ineffective treatment and potentially serious health consequences.
When patients cannot afford their medications or do not take them as prescribed, they may end up in the hospital or even die from their condition. This can lead to increased healthcare costs and reduced quality of life for patients and their families.
Conclusion
The high cost of prescription drugs in the United States is a major concern for patients and healthcare systems alike. As prices continue to rise, patients are finding it increasingly difficult to afford the medications they need to treat their illnesses. This can lead to serious health consequences, including hospitalization and even death. Additionally, high drug prices impact healthcare systems by increasing insurance premiums and forcing hospitals to cut back on services or staff. It’s clear that something needs to be done to address the high cost of prescription drugs in the United States, whether it’s through government regulation, increased competition, or other measures. Until then, patients and healthcare systems will continue to struggle under the weight of these exorbitant prices.
Interested in other editorials? Take a look at our recent article about diabetes!