WASHINGTON (DC News Now) — A sizable change is happening in the prescription drug marketplace; more companies are offering discount prescription prices, while millions of Medicare recipients await lower prices after a deal between the White House and pharmaceutical giants.
President Biden and Vice President Kamala Harris announced during a joint appearance in mid-August that the Biden administration had struck a deal with drug companies to bring down prices for 10 of Medicare’s costliest drugs.
Biden labeled the change, saying, “It’s about peace of mind.”
Price reductions for those 10 drugs, between 38% and 79%, won’t happen until 2026.
“No senior should have to choose between either filling their prescription or paying their rent,” said Harris.
Outside the Prince George’s County venue where Biden and Harris made the announcement, Bill Frey said, “When I go to the doctor, they say ‘that’ll be $350 for your month’s supply…’ ‘I’m really frustrated with it.”
In the meantime, consumers paying out of pocket may look to discount drug companies to save.
Amazon, Walmart and Cost Plus Drug Company—owned by billionaire Mark Cuban—are among those that offer steep discounts on certain medications.
“This is part of this big push to get consumers more engaged in their healthcare,” said Dr. Kelli Frias, a marketing professor at American University, to DC News Now on Tuesday.
“I think that eventually this will drive down prices and we see that there is a foothold in the market,” said Frias.
Frias questioned how the relationship between doctors and patients will change if consumers opt for online medication sales.
“Who is managing the overall care for that patient? I mean, if we start to think about a patient’s entire medical record, what does that mean for drug interactions, what does that mean for other possible predispositions, maybe pre-diabetes or other medical components?,” she asked.
“I think that conversation needs to happen with their medical provider,” Frias added.
At Amazon, prescription discounts are exclusive to Prime members, which cost roughly $15 per month or $139 per year.
Amazon also imposes a $5 monthly fee for their prescription medication program and says “most insurance plans” are accepted.
Walmart’s terms include an offer for 30 and 90-day supplies of many generic medications. The prices for 30-day orders range from $4 to $24.
Cost Plus Drug Company said they offer over 1,000 commonly prescribed generic medications, though certain prescription insurance plans are accepted.
While looking for ways to cut prescription costs, consider asking your doctor about buying in bulk.
