Retail Sales of Prescription Drugs
Americans Spend Billions of Dollars on Prescription Drugs each Year
According to the National Association of Chain Drugstores , total retail sales of prescription drugs grew 3.5% from $250.6 Billion in 2006 to $259.4 Billion in 2007. The average prescription price in 2007 was $69.91. [1]
Here are number of ways in which consumers can reduce their drug costs.
Generic Drugs
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| Photo by M. Pierce [2] |
Ask you doctor if there is a lower cost generic drug available.
According to the FDA a generic drug is a copy that is the same as a brand-name drug in dosage, safety, strength, how it is taken, quality, performance and intended use. Generic drugs are cheaper because generic manufacturers don't have the investment costs of the developer of a new drug. [3]
The average brand name Rx in 2007 was $119.51 while the average generic in 2007 was $34.34. [1]
Calculate savings with a Generic Drugs Calculator
Shop around and compare prices
The price of your prescription can vary from one pharmacy to another. Studies show that prices for commonly prescribed drugs vary significantly among pharmacies in the same city.
Read "THE BENEFITS OF COMPARISON SHOPPING FOR PRESCRIPTION DRUGS: A Report on Consumers’ Potential Savings"
Online Pharmacies
Consider purchasing your medications online.
Here are some handy tools to help you choose an Online Pharmacy. Pharmacy Checker provides online pharmacy ratings and prescription drug prices for numerous medications.
The Online Pharmacy Price Comparison Tool offers you a list of prescription drugs. Click on the product name and then "View Prices" to obtain the price of your medication in various online pharmacies.
Pharmacy Ratings and Profiles
PharmacyChecker.com has evaluated operations for a number of online pharmacies in different countries.
However not all online pharmacies are trustworthy. Here's a list of illegal pharmacies identified by the FDA, HealthPricer and other official bodies.
Partnership for Prescription Assistance
The Partnership for Prescription Assistance "brings together America's pharmaceutical companies, doctors, other health care providers, patient advocacy organizations and community groups to help qualifying patients who lack prescription coverage get the medicines they need through the public or private program that's right for them. Many will get them free or nearly free. Among the organizations collaborating on this program are the American Academy of Family Physicians, the American Autoimmune Related Diseases Association, the Lupus Foundation of America, the NAACP, the National Alliance for Hispanic Health and the National Medical Association."
To access the Partnership for Prescription Assistance by phone, you can call toll-free, 1-888-4PPA-NOW (1-888-477-2669) or via their website.
Download a Directory of PhRMA Member Company Patient Assistance Programs here:
Read RXAssist's Frequently Asked Questions about Patient Assistance Programs.
Check if you are eligible for drug assistance programs in your state.
More information is provided at The Access Project - State by State.
Needy Meds
Needy Meds offers help getting over 4,100 medicines. Also links to discount drug card and coupon programs are provided.[4]
Drug Discount Cards
Drug discount cards are plans that offer discounts on medicine. These programs may be created by a state government, membership associations, non-profit organizations or for-profit businesses. Some are free while others may involve a fee.
For additional information read RXAssist's Drug Discount Card FAQs.
Free drug samples
Ask your physician for free samples of your medication.
Pharmaceutical companies provide doctors with billions of dollars of drug samples each year.
The retail value of drug samples distributed in the United States totaled more than US$15.9 billion in 2004. [5]
Google Answers research on saving money on drugs
Update
MedTipster
MedTipster can help you find affordable meds. Enter your zip code, prescription and dosage, and then this website provides a list of local drugstores that sell the Rx — or its generic equivalent or therapeutic alternative — at a discount.
References
- Industry Facts-at-a-Glance
National Association of Chain Drugstores - Photo by M. Pierce CC-BY
Flickr - FDA
Frequently Asked Questions about Generic Drugs - Needy Meds
- Pharmaceutical Marketing Expenditures in the United States in 2004
PubMed Central
Krishan Maggon
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