As the
economy slips into recession, many employees are ignoring healthcare needs and
are taking risky actions to lower their drug costs that may seriously impact
their long-term health. According to a study by the Kaiser Family
Foundation, “Nearly
half (47 percent) of Americans report someone in their household taking one of
five actions involving skipping necessary health care in the past year because
of the cost. Roughly one in four say they did not fill a prescription,
and only slightly fewer say they cut pills or skipped doses.” This trend
is concerning because failure to follow prescription drug regimens can have
serious and expensive short and long term consequences. Fortunately, in
many cases switching to lower-cost alternatives could save more than cutting
back.
For
example, a patient prescribed Zocor 20mg to control cholesterol, who is
uninsured, underinsured, is in the “Donut Hole”, or for other reasons is
responsible for the full cost of the drug has several options1:
1. Pay
$145.09 retail for a 30-day supply of the brand drug as prescribed. (Annual cost: $1,741.08)
2. Substitute
with the direct generic equivalent2, simvastatin 20mg, for $75.30
retail. (Annual savings: $837.48)
3. Substitute
with lovastatin 40mg, an indirect generic alternative, for $51.30 retail.
(Annual savings: $1,125.48)
4. Find
lovastatin 40mg under the WalMart $4 generics program. (Annual savings: $1,693.08)
If that
same patient were to skip the medication altogether, the savings in a year
could be far outweighed by the potential cost of hospitalization or other
measures resulting from an adverse event related to high cholesterol. Even with a traditional deductible-based health
plan covering this care, someone (the employer or health plan sponsor, for
example) is paying, and it will ultimately drive the cost of the health plan
up. Over the long term, taking advantage
of lower-cost alternatives can be a safer – and cheaper – bet.
1. SOURCE:
DestinationRx Drug Compare™
2. Always
consult a physician before changing a prescribed drug regimen.
Comments