Access to information online doesn’t seem to have helped prevent misinformation from spreading. There are just as many myths and misconceptions about medical care out there today as ever. That’s why it’s important to take the time to ensure you’re getting the facts about the medicine you take. 

For instance, there may be a lot of things about prescription drugs that you are unaware of. You may be aware that costs are high here in the United States, but do you really know why? What else should you know about prescription drugs? 

Read on and we’ll walk you through the basics of prescription drug prices and other information you should know.

1. Americans Spend Thousands on Drugs

It’s likely unsurprising to hear that Americans spend a large amount of money on prescription drugs. However, it may surprise you to hear just how much money is really spent on a medical prescription purchase.

The average individual in America spends just about $1,200 a year on prescription drugs. It’s true that Americans are more medicated than many other countries, but the high prices are the real story here.

Prices for drugs of all sorts have spiked in recent years, with a lack of competition around and charges becoming boosted. Insurance companies and government programs may pick up some of the bills, but the average drug cost being passed onto the ordinary consumer is quite high. 

Drug prices in other countries such as Canada aren’t nearly as high, one of the many reasons Americans hope to see some sort of healthcare reform in the near future. 

2. Generic Brands Are Equal to Name Brands

If you stop by your local pharmacy, you might find your eye caught by the more affordable price tag linked to the generic version of popular branded medications. 

Many consumers are wary of purchasing generic brand medication, fearing a lack of performance. However, it’s important for consumers to know that generic medication provides the exact same benefits as brand varieties: in fact, it’s illegal for them not to.

In order for a generic version of a drug to be sold, it must be 100% identical to the branded version. At the end of the day, you’re only paying extra for the marketing and packaging material. 

The mark-up for these branded items can be quite extreme, so it’s well worth looking into generic varieties when you can. 

3. Prices Continue to Rise

Think we’ve seen the worst of the price spike? Think again. You might need to find some prescription coupons because prescription drug prices have continued to increase year by year.

There is currently no regulation on large pharmaceutical companies when it comes to raising prices on their products. As competition has lowered, it has given room for these companies to boost their prices up and increase their profits.

Unless changes are made, consumers can expect prices to continue to rise in the coming years.

Unexpected Facts About Prescription Drugs

If you’re headed to the pharmacy soon, you’re likely bracing for the bill you’ll have to face when you pick up any kind of prescription drug. The above facts can help understand where these kinds of costs come from, as well as what else to expect. 

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