The North Platte Telegraph 2024 Regional Healthcare Directory | 19
(Green Shoot Media) I f you’ve paid for a prescription with an eye-popping price tag, you know how important it is to reduce drug costs. This critical issue affects millions of people worldwide. High drug costs can place a significant financial burden on individuals, families and health care systems, leading to disparities in access to essential medications. Here are some ideas about ways to address this issue and make prescription drugs more affordable: Allow generic competition. Encouraging competition from generic drug manufacturers can help drive down prices. Generic drugs are typically much cheaper than their brand- name counterparts but are equivalent in terms of safety, efficacy and quality. Policy measures such as expediting the approval process for generic drugs and addressing tactics brandname manufacturers use to delay generic competition can promote affordability. Negotiate drug prices. Empowering government agencies such as Medicare to negotiate drug prices with pharmaceutical companies can lead to significant cost savings. Currently, Medicare is prohibited from negotiating drug prices directly, which limits its ability to secure lower prices for patients. Allowing Medicare to leverage its purchasing power could result in lower drug costs for millions of Americans. Allow the importation of prescription drugs. Allowing the importation of prescription drugs from countries with lower drug prices, such as Canada, can provide consumers with access to more affordable medications. Importation policies must be carefully regulated to ensure the safety and quality of imported drugs while also complying with international trade agreements. Promote transparency in drug pricing. Increasing transparency in drug pricing can help consumers make more informed decisions about their health care spending. Requiring pharmaceutical companies to disclose the factors that contribute to drug pricing, such as research and development costs, manufacturing expenses and markup percentages, can shed light on the underlying reasons for high drug prices. By implementing these strategies, policymakers, health care providers and pharmaceutical companies can work together Lowering Drug Prices
Kim Riley, PharmD R.P. Owner Garrod Lamberty, PharmD R.P. Mark Kenny R.P.
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