Last Updated on May 4, 2024
Diabetes cost the United States $244 billion in 2012 (a 41% increase from 2007) through direct and indirect expenses, but how do those billions of dollars translate into an average diabetic’s life? Being diagnosed with diabetes adds several new items to your budget. Diabetics have to regularly buy medications, insulin, syringes, and other related items that can quickly add up. Diabetes can cost an individual anywhere from $50,000 to over $100,000 depending on the age of diagnosis. Being a diabetic and being able to qualify for life insurance with diabetes in the United States could be costing you more than if you were living in another country.
A recent report conducted by Reuters showed that Americans could be paying more for diabetes medications compared to their British neighbors. Americans could be paying as much as 16 times more when compared to countries like Brazil and India.
So why do these diabetic drugs cost so much more in America? One reason is that the United States does not have regulations on medication pricing. The prices are decided by the market, which translates to higher profits for pharmaceutical companies, but leads to higher prices for diabetics. In other industrialized countries, pharmaceutical prices have limits set by governments, and if the companies don’t adhere to those prices then the countries can refuse to sell the medications.
Most pharmaceutical companies say the prices have to remain high because of research. In order to continue researching new drugs and treatments, the large pharmaceutical companies must be able to afford to pay for the equipment and researchers.
One factor the study didn’t take into account was generic medications. The majority of those 20 expensive drugs all have generic counterparts that cost significantly less. Even with generic drugs and health insurance, diabetes can still be an expensive condition. According to CNN Money, around 16% of diabetics will skip filling at least one prescription each year because of the high cost.
So is there any change in sight? With the 2016 presidential election looming, many Americans are asking for a change. Presidential candidates like Hilary Clinton and Bernie Sanders have responded with solutions they think could have a huge impact. Both Clinton and Sanders believe that the government should allow Medicare to “flex its gigantic muscles and negotiate lower prices with drug manufacturers”. Clinton hopes that Medicare executives could refuse to carry specific medications unless the prices are lowered.
The American cry for change came after Turing Pharmaceuticals raised the price of a medication for a life-saving parasitic infection by over 5,000% to $750 a pill. Clinton called this act “price-gouging”, but there is currently very little that the government can do about the price hike.
For any diabetic that is looking to save money on medications, there are a few things you can do to save a few dollars at the pharmacy. Don’t worry, you won’t have to move all the way to the United Kingdom to save money on your medications. Ask your doctor if there is a generic version of your medications. Your physician may not always consider your wallet when prescribing drugs, try asking them specifically about any drugs you are taking. Another way of saving money on your medications is to buy them online. Online pharmacies typically sell prescriptions at a lower cost that most brick and mortar pharmacies.
Skipping insulin doses or not refilling prescriptions to save money is NEVER a good idea. If you’re having problems paying for your medications there are several programs that can help. Programs like Partnership for Prescriptions Assistance, Needy Meds, and Together Rx Access Card can help those who can’t afford to fill their prescriptions.
