Consumer Reports research pinpoints reasons for rising drug prices
NEW YORK — High-deductible insurance plans, changes to “your formulary,” and a few “extremely high-priced drugs” are the main culprits behind increasing drug prices, according to Consumer Reports data released Tuesday.
“An estimated 28 million Americans — or 25% of those who regularly take prescription medications — saw a price increase in the past 12 months, according to the latest Consumer Reports “Best Buy Drugs” nationally representative survey of nearly 1,000 adults who regularly take prescription medication,” the magazine revealed.
The magazine acknowledged rising drug costs are not a new problem. It also provided strategies for consumers seeking to rein in drug costs. This is the advice the publication provided:
Do a drug review with your doctor or pharmacist;
Consider nondrug options for what ails you;
Try a cheaper alternative;
Don't always use your insurance;
Ask for a lower price at the pharmacy; and
To read the full report, click here.