HomeFinance NewsTips for saving on prescription drugs: A how-to guide for frugal consumers

Tips for saving on prescription drugs: A how-to guide for frugal consumers

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The use of prescription drugs in America is on the rise, with about 70 percent of American adults now using at least one prescription drug, a significant increase from 55 percent reported five years ago. This surge in prescription drug usage is also reflected in the amount spent on these drugs, with Americans having spent almost $380 billion on prescription drugs in 2021. The United States tops the charts for the highest amount spent on prescription drugs among developed countries, spending approximately $1,432 per capita.

In an attempt to combat the high costs associated with prescription drugs, the government has taken measures such as President Biden signing the Inflation Reduction Act, which allows Medicare to negotiate prices directly with drug makers for certain high-cost medicines. Furthermore, the FDA recently allowed the state of Florida to import inexpensive drugs from Canada for its Medicaid program, offering potential cost-saving benefits. The rising costs of prescription drugs have led consumers to explore options such as online pharmacies, mail-order options, and the use of “coupon cards” obtained online and presented at traditional pharmacies to save on costs. Understanding the various options and navigating the prescription drug marketplace has become crucial for consumers in order to make informed decisions and potentially save money on prescription medication.

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