What is going on with prescription drug costs?

[Maidensong]

blinkhealth.com has saved me tons. Often cheaper than using my insurance.

 

[IMATERP]

DH is on several drugs that he must take long term. He is on Medicare with Part D drug coverage. In the last few months the cost of some of his medications have increased drastically. For example, he take generic Methotrexate for his psoriatic arthritis. Last year the cost for a 90 day supply at Walmart was reasonable--$14. Recently he went to get his prescription filled at Walmart and the cost (even with his Part D) had increased from $14 to $175!!! We have called around, found a few places cheaper, around $150. Tried using Good Rx, most places don't take it, even with it still very expensive. Finally he tried a local independent pharmacy, and they said with his part D or Good RX the cost was over $100. I told the pharmacist I didn't understand why the price had gone up so much and then he offered a "cash" price of $40, so we got DH's refill for $40 for 3 months, more than we had paid last year but a lot better than $170. We are now looking into Canadian pharmacies recommended by his doctor for the next time he needs a refill.



Anyone else see drug costs skyrocket in the last few months? What is going on?

Greetings,

Drug costs have been skyrocketing for years. I have severe Psoriatic Arthritis and severe Psoriasis and completely understand your frustration. I used to take Methotrexate and it really never worked well for me.
12 years ago I graduated to one of the biological (Humira) drugs which I am very grateful for as it enables me to walk and continue normal life functions.
12 years ago, my annual prescription costs paid by BCBS was in the 16k to 17k range per year.
This year, my insurance company is paying Abvie (the maker of Humira) over $140,000 for a supply of this drug. My average injection is once every 10 days. That’s 36 self administered injections per year costing $140,000 this year.

My only solace is that I have a $5 copay card and in 17 months the State of NC will pick up the cost of the drug as part of my retiree benefit.

The healthcare game is not a “fair” game.

I

 

[Gumby]

In a word... Lawyers

Nice cheap shot, maligning an entire profession. You should look at this transcript from the 60 Minutes episode outlining the 44 state lawsuit against many major generic drug companies alleging widespread price fixing and market allocation in violation of state and federal antitrust laws, practices that keep drug prices sky high. The two Connecticut assistant attorneys general who are leading the fight, and many more who are supporting them, are - you guessed it - lawyers.

https://www.cbsnews.com/news/sweepi...tives-of-fixing-prices-60-minutes-2019-05-12/

 

[aja8888]

Nice cheap shot, maligning an entire profession. You should look at this transcript from the 60 Minutes episode outlining the 44 state lawsuit against many major generic drug companies alleging widespread price fixing and market allocation in violation of state and federal antitrust laws, practices that keep drug prices sky high. The two Connecticut assistant attorneys general who are leading the fight, and many more who are supporting them, are - you guessed it - lawyers.

https://www.cbsnews.com/news/sweepi...tives-of-fixing-prices-60-minutes-2019-05-12/

I read the article. We are "affected" as some of DW's meds are going up like crazy. This looks like a big fight with lots of players and long periods of discovery, court time, etc. My guess is that any positive outcomes for the common person (as lower drug prices?) will take a decade or two to come to fruition.

I wonder if any exposed bad boys will get jail time?

 

[Bamaman]

We're getting to the time of the year when many that take lots of prescriptions go into the donut hole. You'd need to call the prescription company to see why drug prices vary so much.

Don't complain. My wife's pain medicine has been changed at the state's directive. The new generation pain medicine is being prescribed, however it took me 13 pharmacies to find it yesterday--and driving 75 miles. Nobody stocks the stuff because it's so expensive. Our deductible was $156, and they charged Medicare about $900. The Cash price is $1256--for 60 pills. The government's ordering medicines nobody can find, and the old generation medicine is more like $150 a month--$1000 a month less.

After the latest bunch of letters received by the pain clinic, their anesthesiologist with a fellowship in pain management walked out--quit. He can pass gas at any of the local hospitals and not have to put up with the state's directives--when those telling him what to prescribe are not medical people.

 

[travelover]

............I wonder if any exposed bad boys will get jail time?

 

[6miths]

Nice cheap shot, maligning an entire profession. You should look at this transcript from the 60 Minutes episode outlining the 44 state lawsuit against many major generic drug companies alleging widespread price fixing and market allocation in violation of state and federal antitrust laws, practices that keep drug prices sky high. The two Connecticut assistant attorneys general who are leading the fight, and many more who are supporting them, are - you guessed it - lawyers.

https://www.cbsnews.com/news/sweepi...tives-of-fixing-prices-60-minutes-2019-05-12/

Dr. Elisabeth Rosenthal's book 'An American Sickness' has some good sections on some of the craziness that goes on in the pharma sector. And other areas as well.

 

[audreyh1]

We're getting to the time of the year when many that take lots of prescriptions go into the donut hole. You'd need to call the prescription company to see why drug prices vary so much.

Bamaman, you must have seen a huge increase in the price of insulin over the past few years. I suppose since you have it covered under Part B, you don’t have have to pay the higher prices.

 

[neihn]

...
https://www.cbsnews.com/news/sweepi...tives-of-fixing-prices-60-minutes-2019-05-12/

I read the article. This is clearly highway robbery, but it would be an insult to highway robbers to call them that.

Unlike highway robbers, these people are highly educated ... how can they sleep at night - Allow this to happen, I can only sum up one phase 'Our system failed us!'

 

[Walt34]

I sensed that y'all were getting too relaxed about this topic so I thought I'd make a post, bump the thread, and raise everyone's BP a couple of points:

Ever since my recurrence of an afib episode last summer I've been on an anticoagulant, Xaretto. A couple of days ago I picked up a refill and my OOP was $5 for a 90-day supply. In very tiny print, I think about 4 point type, the drugstore (CVS in this case) prints the "retail price" on the bag. In this case, that was $1,559.99.

I put "retail price" in parentheses because I suspect that few, if any, actually pay that much for it. The ones who don't pay it have insurance that covers the bulk of the cost. And the ones who don't have insurance simply don't buy it because they can't afford it. Then they get strokes and die.

 

[GrayHare]

Sadly, insurance distorts the market, preventing prices from naturally adjusting to an appropriate level.

 

[travelover]

Sadly, insurance distorts the market, preventing prices from naturally adjusting to an appropriate level.

And drug companies game the patent system with minor reformulations to extend patents forever, as well as paying generic drug companies NOT to sell a generic when patents finally run out.

Oh, and who lobbied Congress to make it illegal for Medicare to negotiate drug prices? Follow the money.

 

[Koolau]

And drug companies game the patent system with minor reformulations to extend patents forever, as well as paying generic drug companies NOT to sell a generic when patents finally run out.

Oh, and who lobbied Congress to make it illegal for Medicare to negotiate drug prices? Follow the money.

So, uh, has anyone taken my advice and bought drug stocks? Just askin' as YMMV.

 

[imoldernu]

OOP threw me.... Acronym finder has 63 definitions. The world has left me behind.

The first definition was:

What does OOP stand for?
OOP stands for Out of Pouch (sugar gliders)

Wasn't in the first 20 definitions... I think I figured it out all by myself...
"Out of Pocket?"

I dasn't dare post on the subject. Blood pressure has been good... won't fool with it... ergo... no rant..

 

[target2019]

So, uh, has anyone taken my advice and bought drug stocks? Just askin' as YMMV.

I added 20 shares to ABBV position:
6/26/2019 $67.42

Up about $397, but it is probably co-incidental to this thread.

How about you?

 

[Car-Guy]

I can't complain to much about pricing since with drug insurance and discount programs we get most of our drugs for very little (and often zero) out of pocket cost. The actual insurance premiums are by far the biggest component of our drug cost.

However, IMO, the drug companies are way out of line with their control over the doctors/patient decisions.

Ex. I've been on a "brand named" BP med for ~15 years now. When I first started taking this med, I tried a couple of different generic formulations. Within days I could tell they weren't working so I went back to the brand name. Over the years my drug company tried to get me to take the generics by charging more and more for the brand name. Finally, about two years ago, they said they wouldn't refill the brand name, even if I paid full price "unless" I tried the generic again. They even got my doctor to write a new prescription for a generic even after he had written "do not substitute" on the previous prescriptions. So to me, that's practicing medicine.

Anyway, I refused to be their guinea pig so I transferred my brand name prescription meds to a local pharmacy and I paid full price out of pocket. Also, switched doctors.

Not to tum this into a political thread but this is one area the current and past administrations have ignored (or have been total ineffective) at addressing.

 

[Alan]

OOP threw me.... Acronym finder has 63 definitions. The world has left me behind.

The first definition was:



Wasn't in the first 20 definitions... I think I figured it out all by myself...
"Out of Pocket?"

I dasn't dare post on the subject. Blood pressure has been good... won't fool with it... ergo... no rant..

Thanks for the prompter.

I added OOP to the Er.org FAQ forum

http://www.early-retirement.org/for...slang-frequently-used-on-the-forum-34884.html

 

[sengsational]

Then they get strokes and die.

Or they go online and get it from overseas (still made by Bayer) for less than 1/3 of what the suckers in the US are paying. $475 for 180 * 10mg ain't cheap, but better than $1,500. Or they could find a doctor that wasn't in Bayer's pocket..I'd bet there are other drugs that are as safe (safer?) and as effective (more effective?) than this one for afib.

 

[Koolau]

I added 20 shares to ABBV position:
6/26/2019 $67.42

Up about $397, but it is probably co-incidental to this thread.

How about you?

Well, my Pharma stocks are my single biggest position within my individual stocks (and that doesn't count what I have in my indexed funds.) Actually, I've been SELLING drug stocks lately, because my drugs have gotten too heavy in the port. So, maybe I'm not taking my own advice - of course, maybe I'm just not drinking the coolade. I guess I just keep thinking about what happened to the 'greedy' oil companies back in the day. Remember the saying in Houston? "Last one out, turn off the lights." It COULD happen to Pharma, too buy YMMV.

 

[Telly]

Thanks for the prompter.

I added OOP to the Er.org FAQ forum

http://www.early-retirement.org/for...slang-frequently-used-on-the-forum-34884.html

OOP is rarely used. MOOP (Maximum Out Of Pocket) is used quite often. Suggest adding MOOP to the list.

MOOP is also the band that the South Park kids created, where they went on strike and refused to play.

 

[Alan]

OOP is rarely used. MOOP (Maximum Out Of Pocket) is used quite often. Suggest adding MOOP to the list.

MOOP is also the band that the South Park kids created, where they went on strike and refused to play.

Good thinking - done.