Forty-two percent (42%) of members were prescribed a drug they couldn’t afford in the last 12 months.
Prescription Affordability Hits a Breaking Point
A new survey reveals that prescription drug affordability is no longer just a personal burden and that it’s escalating into a broader public crisis. More than two-fifths (42%) of respondents reported being prescribed a medication they could not afford within the past year, highlighting the growing financial barriers many Americans face when accessing essential healthcare.
Expensive Prescription Shock
Sticker shock at an expensive prescription is widespread. More than four in five respondents (84%) experienced price shock at costs under $250. Additionally, just under half (41%) of those said prices under $100 were still unaffordable, which may indicate that even relatively low out-of-pocket expenses are creating financial hardship. As a result, some patients are making dangerous choices, one in ten (11%) said they have stopped taking a prescribed medication altogether due to its cost.
A Confusing and Opaque System
Beyond the price tags themselves, the system adds to the confusion. Over half (53%) of survey respondents said they find it difficult to understand what they’ll actually pay for a medication before arriving at the pharmacy. This lack of clarity compounds stress for patients, many of whom are already forced to make trade-offs between health and financial stability.
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Research publisher
RazorMetrics creates cutting-edge pharmacy cost containment solutions to quickly and easily reduce drug costs. Its proprietary technology automatically initiates cost-saving opportunities through medication switching, deprescription, deduplication, and more–all while adapting to fit client’s plan, preferences, and formulary. RazorMetrics conveniently plugs into prescriber’s existing workflow, improving healthcare decisions while seamlessly reducing medication costs for members and plan sponsors. Based in Austin, TX, RazorMetrics supports self-funded employers, health plans, PBMs, and organizations to bring clarity, efficiency, and more value to their pharmacy benefits.
Methodology
The annual survey is designed to capture the experiences of members across the U.S., with a focus on prescription drug affordability, behavioral responses to cost barriers, and interactions with healthcare providers and tools. The sample included people with diverse backgrounds from age, employment, income, gender, and education. In total, 28 questions, both closed- and open-ended, were used to identify patterns and pain points relevant to member experiences and outcomes.
Conduct Market Research Note: the full methodology for this study has not been made available.
