How Pharmacies are Helping Consumers Address the High Cost of Drug Prices 

The challenge of affording prescription medications is a significant issue for many Americans, with serious implications for their health and financial stability. Whether insured or not, some individuals are taking drastic steps to secure necessary medications. In response to these financial challenges, retail pharmacies are providing creative options to assist patients in managing their medication costs.

The Facts About Rising Costs

Prescription drug prices have risen sharply, with a 15.2 percent increase just last year. Despite efforts like the Inflation Reduction Act of 2022 aimed at curbing Medicare prescription drug costs, many Americans continue to struggle. Around 41 percent of Americans experienced a rise in medication costs, with more than a third finding it difficult to afford their prescriptions. The financial strain is evident, with four in ten Americans dipping into their savings to cover medication costs. 

Retail pharmacies have responded by expanding services like online prescription delivery and discount programs, helping consumers access necessary medications with less financial strain. 

Enhancing Price Transparency and Affordability

Health insurance, especially high-deductible plans, often falls short in making prescriptions affordable. With 90 percent of prescriptions being generics, consumers expect low prices. However, due to a lack of transparency from Pharmacy Benefit Managers (PBMs), patients often face unexpected costs at the pharmacy counter. 

Retail pharmacists are stepping in by using technology to help consumers manage these costs. For instance, some pharmacists are using machine learning to predict whether a patient will meet their deductible at the pharmacy. If not, they suggest more affordable alternatives like discount card programs or cash discount plans, which can  often be cheaper than using insurance. 

Expanding Access Through Discount Programs

Retail pharmacies are embracing innovative solutions like GoodRx and Mark Cuban’s Cost Plus Drugs. These programs offer a transparent and affordable alternative for generic prescriptions, even for Medicare beneficiaries. If Medicare purchased just seven generic oncology drugs for the same prices offered by Cost Plus Drugs, taxpayers could save between $228 million and $2.15 billion. 

Pharmacies that participate in such programs aren’t just offering lower prices — they’re challenging traditional pricing models and increasing access to affordable medications for a wider range of consumers.

Practical Solutions from Retail Pharmacies

Pharmacies are adopting multiple strategies to ease the financial burden on consumers. Besides offering access to discount programs, retail chains provide coupons, savings cards, and competitor price matching to lower out-of-pocket expenses. Pharmacies also assist customers in enrolling in programs offered by pharmaceutical manufacturers or non-profits to get medications for lower prices or for free, providing crucial support to those struggling with medication costs. 

Innovative Solutions Beyond the Pharmacy Counter

Pharmacies aren’t just focusing on immediate cost relief; they’re also exploring broader strategies. For example, preferred pharmacy networks within health insurance plans offer discounts tied to specific pharmacies, often located inside supermarkets or chain stores. Additionally, the industry is seeing a shift toward direct-to-consumer models and Medicare Advantage directed spend programs that incentivize healthier lifestyles, including access to affordable medications.

Looking Ahead: Proactive Measures for Lasting Impact

The prescription drug affordability crisis in the United States is a complex issue with far-reaching consequences. While federal PBM reform is critical, retail pharmacies aren’t waiting for legislative changes. They’re actively pursuing solutions that help consumers manage their medication costs now. Through innovative programs, price transparency, and patient support, pharmacies are playing a crucial role in alleviating the burden on healthcare consumers, ensuring that access to vital medications remains within reach for all.