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The escalating costs of prescription medications pose a serious challenge for many Americans. In particular, low-income families, seniors, and those managing chronic health conditions are feeling the most strain.
While recent events like the White House’s deals with pharmaceutical companies to lower the costs of the 10 costliest drugs for Medicare patients represent a step in the right direction, there is still much to be done to reduce the financial burden of prescription drugs in the United States.
As Matthew Herfield, Co-Founder and CEO of BuzzRx, a prescription discount website and app service, explains, his company is uniquely positioned to help everyday patients address this pervasive challenge.
The current reality of prescription drug costs in the United States
“Looking at the numbers is the easiest way to see just how severely prescription drug costs are impacting households in the United States,” Herfield says. “Studies from ASPE and RAND Health Care found that the prices for drugs in the U.S. were 2.78 times higher than in other countries, and for brand-name drugs, costs were 3.22 times higher. From 2022 to 2023, over 4,200 drugs had a price increase, with an average increase of 15.2%. The costs are high and getting higher.”
A wide variety of factors are believed to play a role in the United States’ abnormally high prescription medication prices. Commonly cited reasons for high prices include the lack of a central negotiating authority for drug prices and a lack of price controls, as well as advertising and other market factors that cause manufacturers to increase prices and even incentives for physicians to prescribe expensive medications.
As revealed in a recent interim report filed by the FTC, pharmacy benefit managers play an outsized role in increasing drug prices and putting pressure on independent pharmacies with unfair contracts.
With only six pharmacy benefit managers controlling 95% of prescriptions, a near monopolistic structure has developed that harms both patients and pharmacists. The same report found that due to high prices, nearly 30% of American adults have skipped or rationed medication doses in an attempt to save money.
While such solutions may seem feasible in the short term, they can often have long-term financial consequences as chronic conditions worsen due to a lack of proper care.
For many households, this can feel like a lose-lose situation where both financial and health challenges become a persistent, recurring issue. Such trends can seem disheartening, but BuzzRx is uniquely poised to help patients access their prescription medications at a more affordable price point.
How BuzzRx can help lower drug costs
“BuzzRx is a free prescription discount program that can help users save up to 80% off the retail price of their prescriptions,” Herfield explains. “We’ve negotiated these discounts directly with the pharmacies, and BuzzRx is accepted at over 60,000 pharmacies nationwide, including major chains like Walgreens and CVS and grocers like Walmart and Kroger. All you have to do to save is present your discount card at the pharmacy, and you’ll get the discounted rate for your prescription.”
The potential savings of 80% off the price of a prescription is eye-opening in its own right, but another noteworthy factor that makes BuzzRx different from other programs is its accessibility.
“Many prescription assistance programs are relatively limited in their scope,” Herfield says. “They’re restricted to people who meet certain income requirements or are only available to Medicare patients or those who live in a specific state. The reality is that high drug prices affect families across the country, including many who don’t qualify for these other programs. That’s why our prescription discount program is free to all and doesn’t have any kind of qualification requirements.”
As part of this approach, BuzzRx is available to both insured and uninsured households. While you might not think that you would need a prescription discount card when you already have insurance, Herfield is quick to highlight the potential benefits that insured individuals can enjoy.
“In some cases, even when you have insurance, you could end up paying quite a bit out of pocket for your prescription drugs,” Herfield explains. “Insurers have a formulary that lists which drugs are covered by their policy, and if your prescription isn’t on it, you’ll have to pay out of pocket. In addition, increasing copayments means that it is sometimes cheaper to simply pay the discounted rate rather than using your insurance and paying the copay.”
BuzzRx also helps its cardholders through an easy to use search tool available via its app and website. This search function allows individuals to look up their medication by dosage and location to compare costs at different pharmacies in their area. Because discounted rates are negotiated with the pharmacies rather than the drug manufacturers, discount pricing can vary significantly between locations.
Reality check
As Herfield’s comments illustrate, many factors make affording prescription drugs a financial struggle. Fortunately, with resources such as prescription discount programs, patients across the country can obtain lower prices for essential medications so they can enjoy a higher quality of life without putting their finances or health at risk. Taking advantage of these free programs should be a top priority for any household that relies on prescription medication.
