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Medically reviewed by Oghenefejiro Okifo | MD, Harvard Medical School | Henry Ford Hospital - Detroit, MI on September 26th, 2024.
Key Takeaways
- Generic medications contain identical active ingredients and meet the same FDA safety standards as brand-name drugs while costing 80-85% less—pharmacists can substitute generics automatically unless your doctor writes "brand medically necessary."
- Identical medications can vary by hundreds of dollars between pharmacies, with apps like GoodRx showing potential savings of up to 80% off retail prices at different locations.
- Manufacturer patient assistance programs can provide free or heavily discounted medications for patients earning up to 400% of the federal poverty level (about $54,000 annually for individuals).
- Many pharmacies offer $4 generic programs covering common medications like metformin, lisinopril, and simvastatin for 30-day supplies, regardless of insurance status.
- Healthcare providers often have access to free 30-90 day starter samples and can prescribe therapeutic alternatives—a blood pressure medication costing $200 monthly might have an equally effective option for $10.
In recent years, the prices of many prescription drugs, including both brand-name and generic medications, have increased suddenly and dramatically. This can make it difficult for people to afford the medications they need to stay healthy. However, there are steps you can take to lower your prescription drug costs and save money.
Understand Why Prescription Drug Prices Are Rising
In August 2015, the price of pyrimethamine (Daraprim), a drug used to treat the parasitic infection toxoplasmosis, increased from $13.50 to $750 per capsule overnight. From May 2011 to May 2015, the price for a two-pack of EpiPens, which are used to treat severe allergic reactions, rose from $160 to $608. Even some generic drugs like antibiotics and heart medications have seen sudden price increases in recent years.
There are several reasons why prescription drug prices may rise unexpectedly:
Drug shortages
Lack of competition in the market
Changes in insurance coverage
Expensive new drugs entering the market
Ways to Save Money on Prescription Drugs
Despite rising prices, there are several things you can do to reduce your prescription drug costs:
1. Use Generic Drugs When Possible
Generic drugs are just as safe and effective as brand-name drugs, but they often cost much less. Ask your doctor or pharmacist if there is a generic version of your medication available.
2. Compare Prices at Different Pharmacies
Prescription drug prices can vary widely between pharmacies, even for the same medication. Use online tools like GoodRx to compare prices and find the lowest cost option in your area.
3. Look for Discount Programs
Many drug manufacturers offer discount programs for people who cannot afford their medications. Some pharmacies and state governments also have discount programs. Check to see if you qualify for any of these options.
4. Talk to Your Doctor
If you are struggling to afford your medications, talk to your doctor. They may be able to prescribe a different medication that costs less or offer samples or other assistance.
By using these strategies, you can save money on your prescription drugs and make sure you can afford the medications you need to stay healthy. Don't be afraid to ask for help and explore your options to find the most affordable solution.
The Bottom Line
The most effective approach combines using generics when possible, comparing prices across pharmacies, and having an honest conversation with your doctor about cost concerns. Healthcare providers can often suggest equally effective alternatives or connect you with manufacturer assistance programs that significantly reduce out-of-pocket expenses. If you need help navigating medication costs or want personalized guidance on alternatives, Doctronic can provide expert support.
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