Experts Offer Consumers Tips For Getting A Better Deal On Prescription Drugs As Costs Spiral
Two news outlets report on ways that consumers can check to make sure they are getting the best deal for their money on drug costs. Also, some drug makers are concerned about increasing pressure by doctors and hospitals to tie drug prices to effectiveness.
The Fiscal Times:
4 Ways To Get Cheaper Medications As Drug Prices Soar
The sky-high price hikes in medications from companies such as Turing Pharmaceuticals and Valeant Pharmaceuticals are far from anomalies in the pharmaceutical industry. About one-third of Americans have been hit by an unexpected price increase in their medications during the past year, according to a recent poll by Consumer Reports. On average, the price hike was $39 per prescription, although one out of 10 consumers said they faced higher out-of-pocket costs of at least $100. (Picchi, 10/13)
Bloomberg:
Is This Cancer Treatment Worth It? New Tool Offers Patients Data
For the first time, a consortium of top U.S. cancer hospitals will provide patients with guidance about the cost of drugs used in their treatment, helping address a concern for many people undergoing a major medical event -- what the financial repercussions of their condition are. The information will supplement summaries the group has provided for 20 years on the effectiveness, side effects and evidence backing the therapies. The guidelines are being issued during a national conversation about the cost of drugs that has become a focus of Democratic presidential candidates and weighed on biotechnology stocks. (Cortez, 10/13)
Bloomberg:
Drugs Could Soon Come With A Money-Back Guarantee
In late June, Susan DeVore asked an auditorium filled with medical-industry executives if any would be willing to link the prices of the drugs and devices they sell to how well those products work. DeVore, whose company, Premier, helps 3,400 U.S. hospitals make purchasing decisions, recalls seeing about a half-dozen hands go up. “I think it’s a little bit scary for them,” she says. But it’s a question they should get used to hearing, she adds. “Health systems and physicians are more interested in it today than they’ve ever been.” (Tozzi, 10/12)
Bloomberg:
This Drugmaker Suffered The Consequences Of Price Increases
Early last year, drugmaker Mallinckrodt Plc spent $1.3 billion to buy a company that sold an injectable form of acetaminophen -- essentially Tylenol in a liquid solution. Within months, the new owner more than doubled the price of the drug, called Ofirmev. Revenue from the medication shot up, too, and hospitals searched for ways to absorb the costs ... In this case, hospitals were able to fight back by seeking other options, cutting into Mallinckrodt’s projected sales growth. In the fiscal third quarter, which ended in June, revenue from Ofirmev came in at $62 million. While that was a 17 percent increase from a year earlier, analysts had been estimating 37 percent growth on average, according to BMO Capital Markets. (Koons, 10/13)
