confronting aging, a world in transition
Menu

weekly blog--one for the ages

Overdosing on Drug Costs

5/12/2016

0 Comments

 
An article about counterfeit drugs in AARP’s daily e-letter got me thinking about all of the scams that are perpetuated on the elderly, and also about how much my pills for high blood pressure and cholesterol are costing me these days, even with a co-pay. The simple fact is that prescription drugs are cheaper in other countries. A Wall Street Journal article, among several published in the last few months, pinpointed the problem: “drug prices in the U.S. are shrouded in mystery, obscured by confidential rebates, multiple middlemen and the strict guarding of trade secrets.”

One portal where drug pricing can be compared is Medicare Part B, where the prices are public. The WSJ found that U.S. prices were higher for 93% of 40 top branded drugs available in Norway. Similar patterns appeared when compared with those in England and Canada’s Ontario province.

Unlike other countries, Medicare, the largest single U.S. payer for prescription drugs, is not allowed by law to negotiate pricing; essentially forfeiting its buying power and leaving the negotiations to doctors’ office with limited leverage. Also, the prevailing sentiment in countries with national health systems, according to one expert, is that they can’t afford everything for everybody at any price. In the U.S., the prevailing thought is just the opposite and akin to walking into a Burger King and having it your way.

One new potential solution to lower costs in the U.S.: paying for drugs according to how well they actually work. This past summer a doctor and his colleagues at Memorial Sloan Kettering Cancer Center in New York City stirred the pot by introducing the DrugAbacus, an online calculator which, according to Wired Magazine, compares present-day costs for dozens of cancer drugs with theoretical prices determined by adjustable variables such as side effects, R&D costs, predicted years of life added, and the number of people each drug could help.
​

Learn more:
http://www.wsj.com/articles/why-the-u-s-pays-more-than-other-countries-for-drugs-1448939481
http://www.drugabacus.org/drug-abacus-tool
https://hbr.org/2015/10/a-new-way-to-define-value-in-drug-pricing
http://www.wired.com/2015/12/rising-drug-costs
0 Comments



Leave a Reply.

    RSS Feed

    Archives

    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016

Proudly powered by Weebly
  • Home
    • Caring for Elderly Parent
    • Eating & Exercise
    • Emerging Technology & Concepts >
      • End of Life Options/Issues/Grieving >
        • VSED Primer
    • Entrepreneurship
    • Health Challenges
    • History of Aging >
      • Ancient Egypt, India, China
      • Before 1500
      • 1500s & 1600s
      • 1700s & 1800s
      • 1900s & 2000s
      • Early New England (1600s)
      • Quest To Look Young
      • Books
    • Housing Options & Aging in Place Guide
    • Insurance, Security, Fraud
    • Intergenerational Programs
    • LGBT
    • News & Trends
    • Positive/Successful Aging
    • Retirement/Estate Planning
    • Science of Aging
    • Support Resources
    • Travel
    • Weekly Blog
  • About
  • Contact
  • Home
    • Caring for Elderly Parent
    • Eating & Exercise
    • Emerging Technology & Concepts >
      • End of Life Options/Issues/Grieving >
        • VSED Primer
    • Entrepreneurship
    • Health Challenges
    • History of Aging >
      • Ancient Egypt, India, China
      • Before 1500
      • 1500s & 1600s
      • 1700s & 1800s
      • 1900s & 2000s
      • Early New England (1600s)
      • Quest To Look Young
      • Books
    • Housing Options & Aging in Place Guide
    • Insurance, Security, Fraud
    • Intergenerational Programs
    • LGBT
    • News & Trends
    • Positive/Successful Aging
    • Retirement/Estate Planning
    • Science of Aging
    • Support Resources
    • Travel
    • Weekly Blog
  • About
  • Contact