Medication Spikes for 2022 - What to Know
Prescription cost is a common complaint in America today. Many do not have access to adequate health insurance and must pay for their prescription medications out of pocket. Others may have prescription coverage, but it pays for only part of the cost of the medication. Even those with excellent coverage may feel the pain of drug prices in the form of higher deductibles and co-pays.
So, what happens to all of these people, many of whom are already struggling to cover the costs of prescription drugs, when the prices of medications rise? And what is behind the recent spike in drug prices?
Why Are Drug Prices Rising?
According to research company 46brooklyn, by January 4th, 2022, hundreds of drug prices had already gone up in the barely started new year. While many of the price increases were lower than those in years past, most were still above the inflation level. Some prices were raised by 15% or more, including:
The drug companies claim that these increases are reasonable and that year to year, most commodities show an increase in cost. This would be more believable if the rate of increase wasn’t well above the inflation rate for the same time period.
Whatever the real reason for the price increases, the drug companies aren’t telling.
Drug Prices Are Not Regulated by the Government
Drug prices are not set by any government agency. The drug companies can set any price for their drugs, without explanation or, as long as the patent is valid. This has led to a situation where many medications are simply too expensive for the average American to be able to afford. No matter how effective a medication is at treating an ailment, it helps no one if it sits on the shelf because it is too expensive.
Recently there has been a push, by AARP and other consumer advocate groups, to get the government to put an regulatory body in charge of drug prices. Aside from the argument that more people could afford less expensive medications, these groups also point out that Medicare and the insurance companies would benefit as well.
rxless Can Help Right Now
Even if new regulations are enacted, it may take years before the average consumer sees any benefit from it. You cannot wait years to be able to afford your life-saving medications, like those prescribed for heart disease, cancer or diabetes.
rxless can help protect you and your wallet from the rising costs of prescription medications in just a few clicks. They work with the large retail chains, like CVS, Rite Aid and Walgreens, to find you a discount on your health and wellness prescription medications.