One in four Americans can not afford their medication. On average, citizens in other developed countries spend half of what Americans spend on the same medication.
25 percent of patients with diabetes “self-ration” their medication because of cost. And uninsured Americans are three times as likely as adults with private coverage to postpone or skip a prescription because they can’t afford it.
In a study from the University of Pittsburg, where researchers examined the prices of thousand prescription drugs, the authors found that the price of brand-name oral medications increased by about 9 percent from 2005 to 2016 – nearly five times the rate of general inflation over the same time period – and the price of brand-name injectables increased by 15 percent. In both cases, soaring prices were overwhelmingly attributable to existing drugs.
Patients deserve to know exactly why their prescription medication is burning deep holes in their pockets, forcing families to choose between the medication they need to be healthy and putting food on the table.
Prescription drug transparency is a necessary is step in making sure they mystery surrounding pricing practices is dispelled, holding pharmaceutical companies accountable to pricing their products in a way that makes sense.