Prescription Costs: A Case Study

In the pharmaceutical world, payers have switched to the generic brand over the brand-name drugs (The Commonwealth Fund, 2016). Although efforts to slow down the costs of healthcare might have work a little bit. A recent report shows spending has grew 5.7 percent in the past year (Altarum Institute, 2015).

The high prices set by pharmaceutical companies for drugs allows the companies to continue researching, developing, and producing new drugs. As new diseases are discovered, new medications must be discovered in order to treat them.

Medicare offers prescription drug coverage to applicate that has Medicare. If not the applicate decide not to join Medicare Prescription Drug plan (Part D) when they first became eligible, or they have decided not to join a Medicare Advantage plan (Part C) or ant other Medicare plan there will be health plan offers Medicare prescription drug plan that will most likely help pay a late enrollment or penalty unless the applicate have other creditable prescription drug coverage.

Prescription drug coverage is an essential health benefit that is supported in PPACA. States were mandated to expand their Medicaid programs to provide remunerations to Medicaid eligible consumers while encouraging preventive care treatments. Thus, generating sales and drug coverage within the industry. In 2011, Americans filled an estimated 3.8 billion dollars in retail prescriptions, insinuating an increased usage of prescription drugs due to the enactment of the PPACA (Herrick, 2013, para 2). However, while the accessibility of health care and prescription coverage is provided to consumers, the coverage for many procedures will be denied, diminished or eliminated. Unfavorably, the regulatory involvement of the healthcare reform will adversely

This is obviously a huge topic in bioethics debates, especially recently after various changes in Federal Healthcare protocols. Some people depend on pharmaceuticals as a daily part of their routine, requiring some medicine or other for a condition or health issue. A prime example of this is the recent hike in the price of epinephrine shots, commonly known as the Epipen produced by Mylan Pharmaceuticals. This medication has seen a huge increase in pricing rising from roughly $50 in 2007 to over $600 this year. This is a shot used for common allergic reactions and therefore is used or carried by millions of people every day. The concern then is that pricing will get too high and patients will have to do without some medications leaving them vulnerable or even helpless in the face of certain conditions.

The medical world has seen many changes and advances over the last century, but possibly none that is as financially lucrative then the prescription medication industry. New drugs turn up everyday and claim to treat more and more conditions. On the corner of every block is a pharmacy and their shelves are stocked with prescription medications and it seems they are here to stay. The question is, to medicate or not to medicate?

Pharmaceutical spending in Canada has inclined rapidly over the years. Prescriptions drug spending in Canada has been inclined by several different factors. These factors have contributed to expenditure by the growth of the population, price effects volume effects and much more. The cost of drugs has affected the drug expenditures in Canada in several different ways. Some of the factors are international pricing, inflation, retail and wholesale markups. Introducing new products to the market has increased the drug expenditure while the generic brands have decreased. Furthermore, changes in price controls or extending patent legislation has prevented a less expensive alternative from coming to the market. Changes in policies like regulations,

Over the last two decades, public healthcare spending in Canada continues to increase faster than ever and is continuing to do so. Thus, it makes it harder for governments to finance, and as a result healthcare funding takes up a large share of the government 's budget (Canadian Institution for health information, 2012) . Although Canada provides citizens with universal coverage, but both the public and private plans do not guarantee that all of the five principles that Canada’s health system stands by. Consequently, research has shown that pharmaceutical cost is the third cost driver in health expenditures after hospitals and physicians (National Health Expenditure Database, 2013). This paper will explore the effects that pharmaceutical costs have on the healthcare system. To illustrate this, particular areas will be explored such as location, medication and the price control. Moreover, advantages will be discussed as well as potential challenges that accompany with pharmaceutical costs.

Biggest concern is accuracy and getting the correct medicine to the correct patient. Financially, making sure medications are paid for by the correct type of coverage. There are also many forgeries and thefts that continue to be a problem but, pharmacies are making it harder for these things to

Medication cost dramatically, affect both patients and prescribers. Chapter 3 within this week’s readings from Woo and Robinson (2016), focuses on Rational Drug Selections, emphasizes on cost as a deal breaker for many patients with medication compliance. Insurance companies are tightening their policies to the extreme in not covering medication expenses, leaving patients limited choices as well as resources to becoming forced to pay out of pocket or not take their medications. It is vital that prescribers practice within the means of each individual patient, meaning, “prescribing the most cost-effective drug for the patient” (Woo & Robinson, 2016, p. 32). Within chapter 1, Woo and Robinson mention, “Statistics cited often placed patient adherence

Anyone who has purchased prescription medication has probably wondered why they cost so much. The pharmaceutical industry consist of thousands of firms engaged in one or several functions of discovering, developing, manufacturing and marketing medicines for human use. The price paid to a retail pharmacy for a drug is negotiated by the PBM (Pharmacy Benefit Manager) and the pharmacy or pharmacy chain. The pharmacy is left with an option of refusing the business, raising its prices for cash customers or reducing its operation margin. Rising prices for goods encourage producers to find ways of supplying more also guiding purchasers to switch to cheaper alternatives. The price mechanism encourages the productive and careful employment of scarce resources and directs innovative efforts where they are most needed.

This paper will explore how recent pharmaceutical developments and policy changes have created one significant barrier to cure: high price and cost.

Well the first red flag would have been when the receptionist told her she would have the doctor call her prescription into the pharmacy in Boston and when Jill arrived the Prescription was not called in. the other red flag was when she tried to page both of her physician with no response. I would have gone straight to the Emergency Department and seen a physician there and explained my situation that if I didn’t have my medication I would have seizure which could jeopardize my wellbeing. I would do exactly what Jill did and change physician as soon as I could.

For many years the debate about lowering the cost of healthcare such as insurance overpriced medications and how it affects patients, pharmacies and physicians. Most patients have prescription drug plan that will cover some of the cost of medications. Patients with a prescription drug plan are given a prescription drug formulary. The prescription drug formulary is a list of medications that their insurance will cover. The Formulary has a list of Preferred (covered) and Non-Preferred (not covered) medications. The Preferred list of medications are then broken down into tiers, usually four, with the first tier being the cheapest and the fourth tier being the most expensive. The formulary will have a list of generic and brand name medications.

Eliminates the responsibility of having to go out and refill pills, while reminding the consumer to take the appropriate pills