Americans pay the highest prices for brand-name prescription drugs, three to four times more than other countries
LAS VEGAS (KLAS) – In today’s 8 On Your Side, Americans pay the world’s highest brand-name prescription drug prices, three to four times more than other countries.
That’s according to the latest report from this year’s Prescription Price Watch Report.
Leigh Purvis contributed to the report, she is director of healthcare costs and access at AARP’s Public Policy Institute and says spending increases driven by high and rising drug prices affect all Americans d ‘one way or another.
Those with private health coverage will pay more in cost-sharing and higher premiums, and increased government spending will ultimately result in higher taxes or cuts to public programs.
She says we can all do the following to help lower our prescription drug costs.
“I think the most important thing you can do is talk to your pharmacist or prescriber. There is often a cheaper alternative to treating your condition, it is really important to know if it is available. Another thing for Medicare beneficiaries, the “Additional Assistance Program,” it can cover a large portion of your out-of-pocket expenses or premiums, ”Purvis said.
Purvis says the retail prices of 260 brand name prescription drugs increased an average of 2.9% between 2006 and 2020. While the general inflation rate was 1.3% during the same period.