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The effect of the soaring values of Prescription Drug markups on human life

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The effect of the soaring values of Prescription Drug markups on human life

The effect of the soaring values of Prescription Drug markups on human life

Every customer has the complete authority to find out the exact sum of money, they are actually paying for the commodities they purchase. The question is that, are these prices correct or just augmented to extract more amount of money from the customers? Similar is the case with the money spent on prescription drugs. There is a great matter of confusion among consumers about the real price of the actual constituents and ingredients, which go in preparing these drugs and medicines. In many cases, the pharmacies are seen to quote exorbitant prices for small pills and tablets. There is a general tendency among many of us to imagine, that the companies from where these drugs are manufactured are actually responsible for affixing such a high price tag on these medicines and drugs. But in fact it is not the real case. The pharmacies are mainly responsible for putting a higher price tag on these drugs. Reports say that pharmacies augment the final cost of the prescription drug called Xanax for above 569,958%.

For this reason the popular pharmacies like CVS or Walgreen are making millions of money all around the nation. When Steve Wilson of Detroit's Channel 7 News, launched an inquiry on the typical generic prescription drug markup strategy of various pharmacies, these two popular pharmacies were in the limelight. The thorough inquiry gave light to some shocking data, which revealed how these pharmacies make huge money by marking up generic prescription drugs, thus raising the overall costs on prescription drugs of the entire country every year.

An illustration can be made, like if you buy prescriptions from a pharmacist like Walgreen or any other, you will come to acknowledge that on purchasing generic drugs, it will cost you 20% lesser in price when compared with that of the branded medicines. So in case you are handed with a prescription that prescribes branded drugs costing $100, then you can actually save $20 on this prescription, if you purchase the generic drugs for $80 only.

Initially this will seem to you as a wise decision, but when you will come to know that the pharmacist from whom you have bought the drugs has earned a lot of your dollars; then you may feel sorry for your decision. He may have purchased the entire set of tablets, say 100 tablets for $10 only which you bought for $80. This means, he made an outright profit of $70 on these generic drugs by selling it to your for $80. You can thus imagine that how much total profit he makes in an entire day like this. To find out yourself, just multiply his profit amount with 100 or more number of dealings and you can yourself determine how much money he makes only in a day on these generic drugs by marking up the price himself. This is however the undisclosed truth of profit making for pharmacies, like CSV or Walgreen.

An inexpensive way of getting prescription drugs at a lower price

If you want to save more on generic prescription drugs, then search for other pharmacies in your area that sell these drugs at a lower cost. For example, you can peek in to Costco or Wal-Mart for buying prescription drugs. Wal-Mart became well known everywhere nowadays for selling generic drugs to its customers for only $4. Many people think that they need to get a membership at Costco in order to buy prescription drugs at a lesser price, but in fact that is not the actual case. Prescription Drugs are controlled by the federal law and so you can therefore make an outright purchase for it at a lesser cost. This is in fact, one of the cheapest ways of availing prescription drugs by spending a few bucks out of your pocket.

Health Insurance reduces expenses on prescription drugs

There is no doubt that the pharmacists will go on soaring up the costs of prescription drugs day by day and will continue to make their pocket loaded with money. But it is your duty to pay the cost price for the drug you purchase and not to shell out extra amount of money from your pocket, which enables them in making such a huge profit. If you want to achieve such a feat, then it is only possible if you have a health insurance policy that will cover your expenses for buying prescription drugs. A healthcare policy will allow you to select a pharmacist present close to your house, and to make a co-payment of $10 only for the prescribed drugs and not the $100, which you would have normally paid for the drugs. Now this is a mutually beneficial agreement. By paying up $10 for the prescribed drugs you get to save your money from additional expenditure, while on the other hand the pharmacists also earns his profit, as he will be charging the remaining part of the money from your insurance provider. So, your healthcare policy is like the price cutter in this case!

So it is proved that those people with a health insurance policy can save a lot of their expenses on prescription drugs and other medical treatment expenses, when compared to those people who are devoid of insurance. So every time you make payments for your healthcare costs or doctor visits, purchasing medicines, use your insurance to save your precious money from overflowing. So, whatever health hazards you face anytime, you can stay completely relaxed as because all the expenses will be covered by your healthcare policy.

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