People living in the United States have access to some of the best medical care in the world, from life-saving drugs to cutting-edge surgical techniques. But our system is deeply flawed, with spiraling costs forcing many Americans to spend more on care and often receiving poor quality care for all the extra money spent.
Retail prescription drug costs represent about 10% of the total national healthcare expenditure in America and are a public concern because of existing high prices, which often continue to climb. In fact, nearly 1 in 4 Americans on medication struggle to afford their prescription drugs - and that rises to more than 4 in 10 for individuals in worse health. Research on these high health care expenses (including prescription drug expenses) in comparison to other countries show that this difficult cost burden is driven primarily by inflated prices: not differences in the drugs used, our aging population, nor the amount of drugs prescribed.”
These high prices decimate the delivered value we get from medications. The main problem is this: although a patient may pay more for their life saving medicine, they are not getting any more health value for the extra money spent.
Research shows that high prices lead patients to engage in risky behaviors, including medication rationing or altering dosages without doctor’s consent. Nearly 17% of older adults exhibit this non-adherence behavior, the highest among 11 comparably wealthy countries. Physician treatment plans don’t work when patients can’t follow them, and research shows that medical treatment deviations account for major proportions of treatment failures and many hospital and nursing home admissions.
The picture is even more concerning when you consider that drug prices can vary greatly within cities, states and regions of the United States. Doctors may prescribe more expensive medication that is just as effective as other options, or patients may decide to forgo treatment, when more affordable options could be available at the pharmacy around the corner. Sometimes, the best treatment may be what the patient can consistently stick to, but with providers and patients unsure about prescription drug prices, that treatment decision becomes even more daunting.
