The rising cost of prescription drugs may be costing you your health. In particular, seniors living on a fixed income with no insurance are finding it difficult to pay for necessary prescriptions out-of-pocket, and as a result, may be failing to receive the treatment they need to stay healthy. Often, the struggle can put a big strain on seniors’ finances.
But why are prescription drug prices so high, especially when most people who require medication are usually not in a financial position that allows them to afford the full price tag? The real reasons are more complicated than what you might suspect, but one thing’s for certain – drug prices have been skyrocketing.
The reason that is most often touted (by the drug companies, of course) for the high price of drugs is research and development costs. The drug companies contest that the only way to pay for the development of new life-saving drugs – that will improve the lives of millions of Americans – is through profits from current drug sales. The high prices, they say, are merely a reflection of the spending that is necessary for the creation of newer, better drugs.