How to Save Money on Prescription Drugs: Tips for Coping with Rising Prices

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.