Despite recent federal interventions designed to regulate prescription drug costs, American anxieties concerning the affordability of medications reached an unprecedented high in 2021; exceeding worry levels experienced in 2018. Reflecting on the soaring drug prices despite efforts to curb them, highlights a critical concern for many- the gap between policy and public sentiment – a gap wide enough to induce fear in those reliant on prescriptions for their health needs.
The current administration, in a bid to tackle rising costs, announced sweeping changes to prescription drug policy in July. This included allowing the importation of certain drugs, lifting barriers to generic drug markets, and expanding access to biosimilars which are often cheaper than branded counterparts. However, the palpable public unease indicates that the effects of these policies may not be reaching end consumers as swiftly or fully as intended, pointing to structural challenges within the health system itself.
A recent study by the Kaiser Family Foundation broke down the numbers. Despite only 1 in 4 Americans using prescription medication regularly, about 75% of the respondents are still worried about the rising costs. This marks the highest level of anxiety since a similar study was conducted in 2018. Fears were particularly pronounced among the elderly and low-income households who are typically more reliant on prescription medication. This indicates a clear disconnect between the perceived advantages of the new policies and the ground realities faced by average Americans.
While government efforts are aimed at providing relief to prescription drug consumers, many industry pundits posit that due to the deeply ingrained complexities of the US healthcare system, benefits do not necessarily trickle down to individual consumers. The ongoing Covid-19 pandemic has further muddied the waters, with need for medication growing, and economic fallout making affordability even more crucial.
As per an analysis from GoodRx, an online prescription drug price comparison platform, prices for prescription drugs rose by an average of 4.5% in 2020. Furthermore, the costs for some drugs critical in the treatment of chronic conditions such as diabetes, saw an average increase of 9.2%.
Online forums too have been rife with stories from American consumers; highlighting the disconnect between the government’s drug pricing policies and their lived experiences. Many share experiences of choosing between filling prescriptions and paying rent or buying groceries – a choice no American should have to make.
The onus for making the transition from policy creation to positive life impact now rests with the pharma industry along with the insurance companies, as key stakeholders in the ecosystem. As seen in the past, price cuts announced by drug manufacturers don’t always decrease out-of-pocket spending for consumers. Part of the solution requires clearer transparency in the system, particularly around “middlemen,” often blamed for the disconnect between drug list prices and what patients actually pay.
The surge in concern seen among the American population may well serve as a bellwether for larger systemic changes, as calls for transparency and fairness in prescription drug pricing draw the attention and ire of a concerned public.
While the new federal actions taken to curb prescription drug prices represent an effort to bring tangible change, the higher level of nationwide worry since 2018 underscores the enormity of the challenge. In this context, it remains to be seen how forthcoming reforms – and the will of the key health industry stakeholders – will shape the future of drug affordability in the United States.
Original Source: https://hrexecutive.com/despite-new-federal-actions-prescription-drug-worry-hits-highest-level-since-2018/
