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Are Prescription Drug Costs Going Down in 2020?

Are Prescription Drug Costs Going Down in 2020
12 Dec 2019

Are Prescription Drug Costs Going Down in 2020?

For many years, Americans have been suffering under a drug pricing system that is much more beneficial to pretty much everyone but the consumer. Hefty incentives for advancement are often at the forefront while having affordable costs for important, necessary medications often fail to be a concern.

In May of 2018, the Trump Administration along with Alex Azar, Secretary of Health and Human Services, rolled out the American Patients First blueprint, which is a plan to bring down prescription drug costs prices and out of pocket costs for Americans. Since the launch of this blueprint, the people of Health and Human Services have been doing what they can to bring this program into action in order to improve the health and overall well being of Americans.

In July of 2019, Secretary of HHS issued a press release announcing a significant step forward in President Trump’s plan to lower drug costs. He states that the Food and Drug Administration is laying out a safe and first-ever framework by importing prescription drugs from other countries in order to save money for patients in America. In this press release, he says,

Access to affordable prescription drugs can be a matter of life or death for American patients. The President has heard how much this matters to Americans, and we at HHS have heard the same. We all know how unfair it is that other countries are paying lower prices for the same drugs, and we’re taking action.

They plan to examine different proposals that would allow importation in order to provide lower-cost drugs to patients. While this is just one step, it is an important and major step to lower prescription drug costs in the near future.

What This Means for Medication Costs in 2020

While these plans with the Trump Administration and HHS are still only in the early stages of development, surprisingly, the cost of prescription drugs is actually falling for the first time in almost 50 years. The cost of prescription drugs over the past year has dropped by 1.2 %. Drugmakers are really feeling the pressure not only from the public but also from both political parties as they are pushing drugmakers to lower their prices or face possibly stricter rules.

Although this price drop is real, Economists are skeptical that it will last.  They point out that drug prices are difficult to measure and are unpredictable from a month-to-month basis. Patterns also show that every big dip in drug prices since the early ’70s has eventually followed a rise in costs. Economists are doubtful that this time will be any different. Projections show a 3.8 % rate of inflation for prescription drug prices in the year 2020 and beyond.

While the president and other presidential candidates have heard our demands for lower prescription drug prices, are optimistic change will happen and have proposals in place to make that happen, real substantial changes take time and will not happen overnight. In the meantime, for men, women, and families who are in need of a prescription assistance program, we will do whatever possible to make that happen for you to get the help you need. For more information or to get started in your application process, you can contact us at 888-344-8915. Now is the time to get the assistance you deserve in a hassle-free process. Let us be your advocate for you through this process!