New Prescription Drug Price Hikes Hit Black Patients Hard
A report by Patients for Affordable Drugs states that pharmaceutical companies hiked the prices of at least 1,000 prescription drugs in 2024. These price increases go beyond the rate of inflation and have led to one in three Americans no longer being able to afford their medications. Many now have to choose between putting food on the table and getting their prescriptions.
Although these price spikes affect people from all backgrounds, the report shows that Black and Latino patients are particularly impacted, especially those over the age of 65. But why are these demographics so affected, and what options do patients have if they can’t purchase their medications?
Why the Price Increases Affect Black Communities
Black patients are more likely to struggle with these new price hikes as a result of a combination of factors.
Prevalence of Certain Health Issues
One of the reasons why these price increases have hit the Black communities so hard is a higher prevalence of specific health issues due to genetic and socioeconomic factors. Some examples are diabetes and cancer.
For example, one drug the report mentions is Enhertu, which is used to treat HER2-positive breast cancer — a disease with higher mortality rates among Black women in the U.S., due in part to disparities in access to early detection and treatment.
Since the drug launched in 2019, the manufacturer has increased prices eight times. At the moment, the listed price for a month of Enhertu would cost $2,800 which is unaffordable for many.
Another drug that has experienced significant price hikes is Revlimid, which is prescribed for the treatment of multiple myeloma. The Patients for Affordable Drugs report states that Black people are more likely to be diagnosed with this illness and die from it. The list price for this drug is more than $89,000 per month.
Lower Rates of Health Insurance
Black American families tend to experience higher rates of chronic illnesses of all types because of long-standing healthcare disparities. At the same time, these communities have lower rates of health insurance.
According to the Department of Health and Human Services, Black Americans have a higher uninsured rate than White Americans. The gap between the two groups is as significant as four percentage points.
Without health insurance, it can become impossible to stick to a regimen that requires daily doses of these expensive drugs. This means treatments are less effective, keeping people ill and putting further strain on the healthcare system.
What Can Be Done to Address the Problem?
Pharmaceutical companies tend to raise prices on medications twice a year. Unfortunately, there is no regulatory process in place that can put a cap on how much these price increases can be. This gives pharmaceutical companies free rein over their pricing, which has led to the outrageous hikes that impact vulnerable communities most.
To help Black American patients receive the ongoing medical care they require, regulatory action is needed. There have been a number of proposals, including bill S.142, which would prevent pharmaceutical companies from paying the manufacturers of generic medications to delay the release of more affordable options.
The Biden administration took further steps with the Inflation Reduction Act, which caps out-of-pocket Medicare costs for prescription medications at $2,000. To better understand how Medicare’s new $2,000 prescription drug cap helps patients manage costs, check out our detailed guide. The administration also announced that Medicare will begin negotiating lower rates for the most expensive prescription drugs.
Additionally, patients can also turn to prescription assistance programs that can help individuals find sources of support, depending on their individual circumstances. Not only do these programs make it easier for people to receive the medications they need at affordable rates, but they can also do all of the applying for them so that their enrollment doesn’t lapse.
Get Affordable Access to Prescription Medications
Simplefill is a full-service prescription assistance company that researches, qualifies, and maintains patients’ enrollment in all sources of assistance available to them.
Apply today by calling 877-386-0206. A caring Simplefill representative will contact you within 24 hours to discuss your application and, if qualified, enroll you in the program.
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