There has been a great deal of discussion about the high cost of prescription drugs. In 2017, 10% of healthcare spending was for pharmaceuticals.
My family has recently had to purchase a large number of prescription drugs. I was amazed at the prices and also realized that there is no single price for any given drug. To understand this better, I decided to do some research.
First, there are several terms that we need to understand:
There is one more option that can reduce the prices you ultimately pay – consumer websites, such as GoodRx, which list the prices of drugs at various outlets. Prescription drug prices are not regulated. The cost of a prescription may differ by more than $100 between pharmacies across the street from each other! GoodRx gathers current prices and discounts to help you find the lowest price for your prescriptions.
This is a very complex issue. However, the take home message is that drug prices vary considerably. Shop wisely for a drug plan that will cover the drugs you use with the lowest out of pocket costs. And when you go to a pharmacy and are quoted the price for a prescription, ask the pharmacist if there is any way to get a better deal.