Can’t afford your prescription drugs? You are not alone

There are ways to lower the cost of your prescription drugs, consumer specialist Herb Weisbaum explained on Seattle’s Morning News.

Prescription drug prices in the U.S. are significantly higher than in other countries, according to the Rand Corporation for a report released earlier this year.

The average American spends more than $1,400 a year on prescription medications, averaging 2.78 times more than in the 33 other nations in the study.

“Common cost saving measures include skipping doses, taking less than the prescribed dose, and delaying filling a prescription,” Weisbaum, contributing editor for Checkbook.org, told KIRO Newsradio. “Those money saving strategies that can have serious, life threatening consequences.”

The Centers for Disease Control, estimates that more than 9 million people can’t afford to take their meds. But Weisbaum said that with a little reseach, consumers can save on prescription drugs.

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Consumer Reports gives high marks for transparency to Costco and to Mark Cuban’s Cost Plus Drug Company. Both companies base their prices on the actual cost they paid for the drugs, not list prices. Costco has a markup of about 3%. Cost Plus adds 15%, $5 for pharmacy labor and a shipping charge.

“Now Cost Plus doesn’t accept insurance, so it cuts out the middleman,” Weisbaum explained. “The savings can be enormous. Here’s one example, the list price for a 30 day supply of Imatinib, 100 milligrams, that’s a chemotherapy drug. $2,500. Cost Plus you pay $13.40 plus shipping and tax.”

Weisbaum said the draw back to Cost Plus is it doesn’t have every drug. They’re not a full service pharmacy. But Weisbaum recommends another way to save money is to check prices at an independent Mom and Pop pharmacy.

“They may actually charge you less than the chain stores or be willing to negotiate,” Weisbaum said.

He also said to consider using discount coupons.

“A growing number of websites now offer these good GoodRX, America’s Pharmacy, Blink Health, Optum Perks, SingleCare, RXSaver (by RetailMeNot), and WellRX, you can compare drugs online, see at the prices using the coupon at different pharmacies,” he shared. “You don’t have to give them any personal information. You can say 50 to 80%.”

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The pharmaceutical industry often cites the cost of research and development (R&D) to justify high drug prices. It can cost tens of billions of dollars to bring a new drug to market, but Sen. Bernie Sanders (D-Vt.) blames stock buybacks and executive salaries.

“All the studies have shown the R&D costs are not comparable to the prices they’re charging,” Weisbaum said. “There are so many lobbyists, there’s so much money. Bernie is single-handedly trying to shame the industry into lowering prices. The Biden administration, God bless them, for the first time, was able to get a Congress to pass a law that they’re going to negotiate it next year for prices the 10 most popular drugs that’s going to bring the price down for Medicare, save money, etc. But this, we’re up against big business. Money talks.”

For more ideas on saving money on prescrition drugs, click on Checkbook.org.

Bill Kaczaraba is a content editor at MyNorthwest. You can read his stories here. Follow Bill on X, formerly known as Twitter, here and email him here.