Pharmaceutical companies welcomed the year with a price hike on their drugs. , including major medications like Vyndamax for heart complications and Ibrance for breast cancer.
The price increase will make it even harder for many patients to afford their medication. In the worst instance, they might completely forgo taking their prescription. Fortunately, there are a number of strategies to reduce your prescription drug costs.
Ways To Save Money on Prescription Medicine
There are several ways to reduce the cost of prescription medication, including couponing, splitting pills, using generic versions, prescription assistance programs, and buying in bulk.
1. Apply For Prescription Assistance
State, local, nonprofit, and pharmaceutical companies all offer prescription assistance programs. Their objective is to offer eligible patients access to free or inexpensive prescription drugs. To ensure that participants can receive free or heavily discounted medications, the programs typically have income requirements.
An example of an organization offering prescription assistance is ; it offers a list of drugs and its Patient Assistance Program (PAP) on its website. By clicking on the name of your medicine, you’ll see how to access eligibility and contact information.
Mail the application form to the PAP for review after you’ve completed it. Pfizer and GSK are just two examples of the many pharmaceutical companies that support PAPs.
2. Consider Pill-Splitting
Pill-splitting is the practice of cutting a larger dosage pill in half to obtain the proper dosage. You can save money because most medications cost the same regardless of dosage. For instance, you can buy 40mg pills of Atorvastatin if you only need 20mg. Hence, buying a pill twice as much as you need can result in a 50% cost savings.
To find out if splitting pills is safe for you and your prescription, talk to your doctor. If your medicines are long-acting, capsuled, or come in pre-packaged amounts, the doctor might not advise it. As an illustration, consider a birth control pill that is taken more than once daily or has an enteric coating to safeguard the stomach. If your doctor approves, you can divide your tablets at home with a pill cutter that is typically available at pharmacies.
3. Take Advantage of Coupons
Like grocery stores and retail establishments, pharmacies also accept coupons. One of the easiest methods to save money is to use coupons, which provide you a discount on your prescription medication. Coupons are accessible for use by everyone and, unlike assistance programs, are not dependent on income.
Doctors and pharmacists both hand out and make available online drug coupons. Inquire if your doctor or the neighborhood pharmacy has any to provide. Yet, because they are more practical and provide more options, the second method is the simplest way to obtain them.
due to the fact that they offer discounts of up to 80% on prescription drugs. To find your medication and the associated coupon offers, use the GoodRx website or mobile app. The procedures for SingleCare and RxSaver are comparable to those of other options.
4. Bulk Buy Generic Drugs
The ingredients in generic medications are the same as those in name-brand medications. They are much less expensive while maintaining the same level of quality, efficacy, and safety. For instance, whereas a month’s supply of the cholesterol-lowering medication Lipitor costs $390, a month’s supply of Atorvastatin costs only $10.
because, unlike branded medicine, they don’t need repeated, extensive clinical studies. Despite this, generic medications must still uphold the same strict requirements as name-brand medicines in order to receive FDA approval.
Ask your doctor if a generic version of your prescription drug is available at your next appointment to save money. Ask if there is a similar drug with a generic version if there isn’t an exact generic.
Ways to Save Money on Prescription Medication Summary
Your prescription medication can be made affordable by prescription assistance programs, pill-splitting, generic drugs, coupons, and bulk buying. So the next time you visit a drugstore, such as CVS, practice our recommendations to ensure that you save as much as possible.