October 3, 2016

7 Ways to Save on Prescriptions

Lash Group’s Honora Gabriel, VP of Not-for-Profit Operations, talks to Kiplinger about patient assistance programs in this article on best ways for patients to save on the cost of treatment.
Spending on prescription drugs has reached stratospheric levels, topping $457 billion in the U.S. last year, according to the Department of Health and Human Services. Most large employers point to the cost of specialty medications as the single biggest impetus for rising health care costs, with no relief in sight.

In the latest survey by the National Business Group on Health, large employers predict the cost to provide health benefits will rise by 6% in 2017, but they expect a 16.8% increase in spending for specialty medications.

Why are costs rising so fast? More people are living longer with chronic conditions, and drug companies have been introducing new specialty medicines that are expensive to manufacture and administer. They’ve also been hiking prices for other brand-name drugs—with some eye-popping examples grabbing headlines. Finally, fewer patents have expired recently, slowing the introduction of new and cheaper generics.