LAS VEGAS (KLAS) — In today’s 8 On Your Side, Americans pay the highest brand name prescription drug prices in the world at three to four times as much as other nations.
That is according to the latest report from this year’s Prescription Price Watch Report.
Leigh Purvis assisted in the report, she is the Director of Health Care Costs and Access in AARP’s Public Policy Institute and says spending increases driven by high and growing drug prices affect all Americans in some way.
Those with private health coverage will pay more in cost-sharing and higher premiums, and increased government spending will ultimately lead to higher taxes or cuts to public programs.
She says all of us can do the following to help lower our prescription drug costs.
“I think the most important thing anyone can do is to talk to their pharmacist or their prescriber. There is often a lower-cost alternative available to treat your condition, it’s really important to find out if one is available. Something else those on Medicare beneficiaries is the “Extra Help Program,” it can cover a lot of your out-of-pocket costs, or premium costs,” Purvis said.
Purvis says retail prices for 260 brand name prescription drugs increased an average of 2.9% between the years 2006 and 2020. While the general inflation rate was 1.3 percent over the same period.