How Simplefill Can Help With High Generic Prescription Drug Prices
For many people, buying generic products is a great way to save money. That’s why people buy grocery store branded butter and knockoff shoes. But even though many people still think of generic drugs as cheaper prescription alternatives, the healthcare industry has seen a recent trend of generic drugs becoming increasingly expensive.
What is a Generic Drug?
A generic prescription drug is a medication designed to be the same as an already marketed brand-name prescription in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use. In other words, a generic drug should work in the same way, with the same proven clinical benefits as its brand-name version. In terms of their popularity, generic drugs constitute nearly nine out of every 10 prescriptions filled in the U.S.
Why Generic Prescription Drug Prices Are Rising
The rise in drug prices for generic prescriptions can’t be traced to one specific cause, especially since the prices are not necessarily inflated across all generic prescriptions. Here are two of the main factors that contribute to rising generic prescription drug prices.
Industry Consolidation
While numerous factors can cause price increases, consolidations within the generic-drug industry play a large role. In 2015, for example, the world’s largest generic-drug company acquired the third-largest manufacturer. These consolidations decrease market competition and prevent natural price regulation. In other words, when only one drug company is making a specific type of prescription drug, there’s no incentive to keep the price as low as possible since customers have no other options.
Supply Shortages
One reason for inflated generic prescription drug prices is drug shortages. If, for example, a generic drug has a safety-related drug recall and FDA inspections to clear, the decrease in production can lead to inflated drug prices. The same goes for any manufacturing slow-downs that prevent a drug from being quickly made.
How Simplefill Can Help People Who Can’t Afford Their Generic Prescriptions
Whether you’re trying to figure out how to pay for your prescriptions without insurance or you can no longer afford the rising costs of your generic prescriptions with insurance, Simplefill Prescription Assistance can help. We understand how complicated the healthcare system is to navigate, which is why we do everything we can to simplify the process. In fact, in addition to learning about your specific medical and financial situation, we also complete all the research and paperwork in order to find the best possible option for you. Whether it’s finding alternative funding programs, working with pharmacies that offer the best discounts, or researching brand name medications with assistance availability, Simplefill does whatever we can to help you afford your medications. Give Simplefill a call today or start an application online!
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