Why U.S. Pharmacies Overcharge
ฝัง
- เผยแพร่เมื่อ 28 พ.ค. 2024
- Concerns over prescription drug prices have grown into a big political issue, with nearly one in four Americans saying it's difficult to afford their medications, according to a March 2019 poll by the Kaiser Family Foundation. Pharmacies technically set their own prices for generic drugs, but there are other players involved that complicate the process. Here's how the system works and what customers can do to save money.
Americans are having a tough time paying for medications despite bipartisan efforts to drive down prescription drug prices.
Nearly 1 in 4 Americans say it’s difficult to afford their medications, according to a March 2019 poll by the Kaiser Family Foundation. This comes as pharmacies raked in a record $465 billion from prescriptions.
Lawmakers from both parties support lowering drug prices, but they haven’t had much success regulating the industry. In September 2019, U.S. Rep. Frank Pallone, D-N.J., introduced the Elijah E. Cummings Lower Drug Costs Now Act. The House passed the bill in December 2019, but it died in the Senate.
Former President Donald Trump also made a late-term bid in the fall of 2020 to try to lower drug costs, but the effort faced setbacks in court.
As regulation attempts have faltered, businesses such as GoodRx have tried to fill the gaps in the complicated pricing system. However, experts say non-systemic solutions are a Band-Aid on a bigger problem.
Chapters
0:00 - Introduction
1:16 - Why pharmacies exist
3:50 - How pharmacies make money
8:51 - Regulations
10:55 - How customers can save money
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Why Pharmacies Overcharge
People forget about Walmart and Costco. I went to refill my dad's heart medicine last month at Walgreen's and since hes recently unemployed and uninsured, they told me it'd be 66 dollars for his 30 day supply! I looked online and saw through the AARP site the prices for his medicine at different stores and when I went to Costco, they gave me 3 months supply of the exact same medication for 9.99.
That is 95% off. Tough to justify this system.
Was that brand name vs generic?
1. Brand name vs generic
2. Insurance companies dictate what doctors can prescribe.
3. Walmart and Costco willing to dispense at a loss and make it up for you to shop there.
That's literally how it's supposed to work. You shopped around and found a reasonable price.
If more people did what you did, then Walgreens would be forced to charge less in order to get any customers at all.
Is it really that expensive?i am in Europe and my grandma is sick ,she drinks 11 different pills a day plus one injection a month, all we pay per month is 110 euroes,i feel like if she is in US it will be 500$ a month
@@charleskayser4646 **3 month supply smartass, read before trolling
America's "healthcare" system should be called the wealthcare system.
I believe those who work in the industry already do
It's an insurance industry.
legendary
You couldn’t have said it any better!
It’s called the pharmaceutical industrial complex:) they’re a mafia and they will do anything to mess you :)
Politicians need couple months without insurance and see how much their health price increases.
Politicians don't have insurance, they have bribes, and bribes beat all costs.
@@aenorist2431 they do have very good health insurances. Ocasio Cortez revealed it when she got elected for the first time.
Need term limits
They are government employees . They shouldn't have any special insurance other than what is offered to any other government employee. But im sure im preaching to the choir.
@@SpaceRanger187 campaign finance reform. Yes, make them sit out one term every once in a while.
"Why U.S. Pharmacies Overcharge" - because they can
Because they are allowed to. Lobbyist put too much into government pockets for them to do otherwise.
Because they have no soul.
Because customers still pay. If you look around for a cheaper place, CVS or Walgreens has no choice but to make the costs lower when they get less customers, AKA less profit. You just need to use what’s inside your skull a bit
@@nobody-ko7mg I don't know how people can look at lobbying and not conclude that democracy is essentially dead in America. Or at least is critically threatened.
Lobbying is corruption. Let the companies write letters like everyone else.
@@2kmichaeljordan438 tell that to the poor
Dude almost choked when he was lying about PBMs driving costs down.
@@TheFalseShepphard 9:46
Lol that guy seemed so slimy.
Haha I missed that the first time nice catch
At this point I think nearly everything is overcharging in this country.
Except for employees wages.
As the saying goes “ America is a Business “...
@@paulsz6194 nothing wrong with that
@@CharlesCoderre-yv1cu Are you a business owner ?
costs 10 dollars to make and distribute, they sell it at 400 dollars... amazing stuff...
Yeah they are all under the influence....Of Satan as Christians would say.
It costs "10 dollars" to make but how many billions did it cost to research and perfect? Kinda left that tiny detail out.
@@sarcasticguy4311 lmao you know how much of that research has been funded by taxes? You think these companies paid for the research? 🤣🤣🤣🤣🤣
@@NoahsUniverse lol right we even fund china to create covid.
@@NoahsUniverse it's certainly not all covered.
Because they have good lobbyists influencing politicians. No reason US should be so much more expensive than other places
Yes the capitalistic system fails when oligarcs and the lobby takes control. USA should stop allowing politicians to grab millions in bribes to serve other than their voters. In Europe this is not the case, so people are in politics mostly to serve the population.
Here you have free healtcare, and I pay 200$ for doctors & medicine a year. Yes it has a cap of 200$. After I have paid 200$ the rest of the year is free.
But I guess FOX NEWS and GOP are to busy warning about "socialism" and claiming all countries becomes Venezuela, if you have socialism mixed with capitalism... ^^
@@la7dfa yes , they never want free healthcare for everyone and keep saying some bs on social media to brainwash people that free healthcare for people is just for communisms countries
You must mean bribing politicians.
Bc of blind patriotism. You raise prices in Europe- they start a whole ass revolution until the government does what they want.
Aye
Why don’t they talk about drugs manufactures charging a price many times higher in the Us than anywhere else? It’s not the only the pharmacy system fault, but the manufactúrese overcharging for the drugs.
I just started the video, but if they fail to blame the manufacturers, than this is just propaganda.
Based on how I understood the video. They are focused on the difference of prices between pharmacies and their business model with the emphasis on these intermediaries. Of course manufacturer play a role too. Drug is complicated and broken in America because of one reason: lobbying.
It's pretty obvious why - the video is about why the pharmacies overcharge. The video would be called something like, "why medicine is so expensive" if it was about everything behind the prices for medicine. This is a video about a specific topic, which you can tell by the actual title of the video.
@@user-yo6dd4wd6d Uhhh,no. I do watch small creators. NBC and CNN may be one sided at times, but Fox news strait up lies on a regular basis. As in, they just lie. Give out explicitly false information. Call upon discredited academics and then imply that’s there’s some kind of conspiracy theory rather than they just tamperd with their data, they’re experiments then weren’t replicate and so after this happened over and over genuine academics stopped listening to them. And then when that’s pointed out, use the fact that they never explicitly said that as a defense while still imply a conspiracy theory with literally no evidence whatsoever. To name an example. Or a few. Or a lot. Edit: Fixed typo and added this sentence as well as that Edit: sign as well as the one which just came up. Edit: This to! Are you sure this wasn’t your source th-cam.com/video/dQw4w9WgXcQ/w-d-xo.html&feature=share
@@user-yo6dd4wd6d Yes, I am a bot, and Twitter is just an awful source of information.
I live in Sweden. Sweden has a single-payer system. We have a $200 per YEAR ceiling on what you pay for drugs. Hospital visits cost $10 per day. Examinations (MRI, CT-scans etc.) while at hospital cost nothing, and if you are not at the hospital may cost up to $40 (and there is a ceiling). Doctor visits $20-40 and there is a ceiling on that as well.
Many years ago I wanted to study in Finland or Sweden, but came to US because of last minute changes in tuition. I have always wondered how different life would have been. Now I'm primarily in Canada but I am definitely thinking of atleast coming there for work for a year.
Of course, the cost is still there. You can look up what the actual price is on the receit.
The inbetween is paid by the taxpayers. It works as a collective insurance that everyone gets. The more people that work, the more equal it gets.
Sweden social system is being stress tested to its limit right now since we have an enormous influx of refugees as well as welfare immigrants that, as soon as they arrive, get access to our social system, pension system, welfare, and other benefits without having worked here a day in their lives.
More than half of them will not even get jobs to pay for their own costs of living within the first 10 years, instead being fed tax payer money that was meant to protect the productive responsibility taking population and their families.
That makes too much sense. In the USA we like complicated and micro managing so more grifters can make a buck.
55% tax rate
@@ANGELSURS Well, you also get more for it. Like (nearly) free healthcare, free childcare and free education (including the university level). I have talked to some people and many seem to think that you probably need an annual income in the ballpark of 150 000- 200 000 to come out on the top in the USA (although I haven't seen studies on this). That is in the 5-10 percentile of incomes in the USA... so this means that 90-95% of people would be better off living in Sweden (even income wise). In general it is difficult to compare incomes and taxes between countries, as you would need a way to compare everything else that you may or may not need to pay as well as calculate a monetary value for the risk of falling into the gutter that you pretty much avoid in the Nordic system (maybe an insurance premium of some sorts?). Anyway...
I went to the hospital in Malaysia to deal with an upset stomach. This was a fully modern western style facility with western trained doctors. She ran some tests and ended up prescribing some penicillin. The doctor visit cost me $10. The medication around $2, all out of pocket with no insurance. I felt better by the next day. Try that in the U.S.
How 'bout no... I'm not made of money :/
wow
stay in Malaysia
Once ' insurance' got involved prices soared. Remember $20 office vists?? Now the latest bill was $225 for 15 min!!!
since when is penicillin given for an upset stomach?
PBMs don’t offer “choices”, they say you can choose where you want to fill your prescription, but if you need 3 refills of it, you have to get it from them, or get no reimbursement…
What reimbursement are you talking about? You go to the pharmacy have your prescription filled present your GoodRx card, pay for your prescription at the price negotiated by GoodRx and then take your prescription home with you.
Where in that transaction is there a “reimbursement”?
@@prepperjonpnw6482 GoodRx utilizes the PBM contracts they do not negotiate prices on their own. The PBM charges a fee to the pharmacy which it taken from the amount the customer pays, and a portion is remitted to GoodRx. GoodRx is exploiting the PBM system not fixing it.
Scary but amazing times we live in. Military checkpoints will be set up on us interstates for covid vaccination certification. Camps will be activated. Police state is coming. New world order led by obama and pope francis is coming. Jesus christ is coming back for the rapture. Get ready. Dont believe the coming ufo alien abduction narrative
@prepperjon I guess no one has maintenance drugs (drugs you have to take forever). Per our drug policy, once you have gotten 2 refills (aka a 3 month supply), any additional refills must be 90 days and filled by their pharmacy (or Walgreens for us, still at 90 days).
The governments everywhere else negotiate prices with pharmacies and drug manufactures on behalf of their citizens. Congress in America lets decided it was better to stay out of it and allow the pharmacies and drug manufactures set pricing. In many cases the pharmacies and drug manufactures are supplying the same drug to all countries.
Congress is PAID to stay out of it.
Business govt.
But aren't pharma companies the one that create these drugs you buy so they should also have the right to price them whatever they want. If you have a problem with their price just don't buy it and pay a visit to ALMIGHTY
@@fbi4618 ohh i see so you would be ok when waterbottling company's charge you 50 bugs for a liter water, you need to survive , even if it costs only 5 cents to make
@@marcr9410 you haven't provided any context to your reply please elaborate. it's unrealistic too
LOL yes we don't think this is a conflict of interest because it benefita us.
The American healthcare system is so messed up
Blame the government and democrats
@@dumaspino4974 you mean the democrats that wants change and free healthcare. Or the American Taliban (republicans) that wants to keep the status quo
@@dumaspino4974 bruh trump and biden clearly want to reduce drug price
nothing about the pharmacy pbm and the whole pharmaceutical industry?
Who have heard of bitcoins here?
@@dumaspino4974 imagine blaming the side closer to being consistent with the rest of the world's lower costs rather than the side opposing everything cheaper about all those countries
CVS is the worst. I’m glad I left them for a local pharmacy that actually cares about me
I got Percocet, aspirin, muscle relaxer, and a nausea prescription filled after my surgery at cvs for 62 cents.. but I have good insurance
This is the reason many patients are coming for treatment in india
India is becoming a medical tourism attraction in recent years because of affordable and excellent result after treatment
@@mayarandive6954 because our government subsidies medication and even encourages companies to produce low cost medicine thats why in whole world our medicines are the cheapest one and even UN buys medicines from indian companies for humanitarian work all around the world
Just go to Cuba or other parts of South America...much cheaper there as well.
Generics are a really interesting thing and someone made a point that pharmaceutical companies were not mentioned. As a pharmacist who has since moved on from retail I saw the up and down prices of generics. Take for example doxycycline. It’s an older antibiotic that in 2009 I could buy a bottle of 500 wholesale for around 10 dollars. In fact one of the supermarket chains had it on their free antibiotic list. Somewhere down the line in manufacturing a “shortage” occurred and overnight the 500 count bottle shot up over 1000 dollars. Instead of multiple people making the generic there was only one and they basically could set the price whatever they wanted. Also I remember not being able to stand that Adam Fein guy since I worked in an independent pharmacy and he made comments on his web site drug channels about how he couldn’t understand while anyone would go to an independent instead of doing mail order. We have a very broken system and very powerful lobbies that keep it that way. The pharmaceutical and pbm lobbies are extremely powerful. Those two groups are so intermingled with their “discounts” to prefer one drug over another it’s ridiculous and take in so much money from those discounts.
As a physician I know how you feel. We lost our control and autonomy over our fields. Large corporations swooped in and lobbied our cretin filled Congress and they basically wrote laws that punish small businesses and reward large amalgamation centers like Costco and Walmart. The days of the independent physician and pharmacist are nearing an end. So why did we get our doctorates again?
@@Tokamak3.1415 Sounds like health is a profit fueled business like car repair. That is sad.
Bless you for sharing this information. Thank you
Pharmacist, can you please tell me why there is no f-king generic for biologics after this many years?
@@medaphysicsrepository2639 it’s because biologics are much more difficult to get approval as a fda equivalent so the initial cost to get approval may never be recouped so they don’t even try. Also, if they would, the original maker would make a slight change or have a “new” dosing mechanism and get everyone to switch over to that so they would have a new patent. Like when Namenda stopped their immediate release tablets because in a years time the generic would be available and they switched patients over to a once daily dose (extended release) so the patient would be use to once daily dosing when the twice daily generic came out and the maker got a new patent for exclusivity on the once daily dosing.
crazy how buying a membership at Costco would still be cheaper than most of the stores.
Well in most states you do not need a Costco membership to go to the pharmacy, same with Sam’s warehouse.
you point is what???
@@CharlesCoderre-yv1cu Isn't obvious?
In Switzerland, the sale of Generika medicaments is heavily incentivized. Generika are identical products to their branded counterparts. The Government does create a price list for any health service and medicament. All providers and pharmacies can not charge more than noted in the price list. This fuels competition by putting a cap on how much they can charge. For vendors, selling Generika gives them additional margin while consumers get the same good product without extra costs.
I just moved to Canada and I realized how much cheaper every medication is here compared to California.
The problem is that everything besides drugs is more expensive there.
@@spicybeak69 San Francisco is not typical of the whole United States. Rent varies across both countries and if you compare the cheapest areas, it will be lower in the United States. Look at items you buy regularly: most things are cheaper in the United States, even when taking the exchange rate into account. Some extreme differences include gasoline, milk, cheese and chicken. That is why Canadians shop in the United States for everyday items, but Americans only shop for prescription drugs in Canada.
@@spicybeak69 if you account for exchange rate, then the drugs in Canada would be a third of the price compared to cali
everyone in canada who has been to the hospitals hates it.
The entire system is built to sustain the middle men not the end user !
so what?
@@CharlesCoderre-yv1cu The middle men offer nothing to the overall . You can remove 98% of the them and the remaining 2% will still shuffle the papers on time.
I used to think all this was normal until I moved from NY to Austria several years ago. My experiences here in Europe REALLY opened my eyes as to other, more efficient possibilities. Here in Austria you pay about 6 Euros, about 7 USD, for ALL prescription drugs, regardless of price. So if you decide to get some exotic cancer and need expensive medication, you pay, wait for it.....6 Euros. But wait, it gets better! If you live under the poverty line, then you're exempt from prescription fees. AND, by law the maximum amount you're allowed to spend on medication is 2% of your yearly income. So let's say you earn $2000/monthly and need regular, expensive diabetic medication. As soon as you've already paid $480 in prescription fees (2% of $24,000), say in June or July, you're exempt from having to pay any more for prescription for the rest of the year. Honestly, I don't understand America's resistance to universal healthcare!
Every video I see on America makes me more and more happy that I don’t live there
You have to realize a lot of these people don’t understand the chain of events that occur for the drug to reach your hands..
👍🏼
I'm glad you don't either
you are not missed
Medicines prices need to be regulated just like in Europe. Health care should be profitable business, but not a speculative one.
Eh Europe aint that good either tbh. My brother has a illness which can be treated in Russia, Treatment is used here in the netherlands for other diseases, but docters dont wanna do it here or help you get the information you need to get it done in Russia(nowadays England and Belgium aswell, but way more expensive there). Why they dont help is because they aint allowed by the rules which a set up by(The CDC version of the netherlands and Europe) in agreement with insurance and big pharma... Go Figure...
Aslong as we have Top people from FDA crossing over to example Pfizer and people in government going into big companies and we have lobbies going on(Bribes) it aint regulated. Its just seems better regulated but it aint.
No speculation at all, they get whatever they want.
no, the regulations are the problem. the hospitals in venezuela are run by the government as well. how did that work out for them
"Let me educate you": the money is going to the pockets of the 1%.
In this competitive price of drugs, poor, innocent people gets affected.
Ye ofc
This by definition is literally the UNcompetetive pricing of drugs.
Not the poor, but those right above poverty suffer the most. Most poor people can get government insurance that literally covers everything. It's those that make too much to get government coverage, but not alot of money.
Same reason my Dr visit went from $50 to $125 in a year. And the er doubled their prices.
maybe corruption, but not the same drug pricing scam
I absolutely HATE the medical system in this country
They overcharge so that they can pay for the lawsuits in the future.
That would make sense if they didn't spend it all on paychecks and dividends
They're not even putting it into R&D anymore
You can't sue for covid vaccines though
Interesting , i heard 2 of those interviewed here use the exact same phrase , as if it was from an official statement . ( 8:25 ) " They are likely going to go a pharmacy that gives them the best experience and gives them the lowest cost ... " An innocuous statement , but worded unusualy , in a manner you would be surprised to gear 2 speakers use verboten . What was that guy's position title again ? Ohh yes , that makes sense . Was the guy whose job is to dissmiss the conflict of interest , being asked about conflict of interest ? Anyways , thanks for the chuckles .
Healthcare should be equally affordable to every American.
Does that mean it costs a percentage of income relative to whos being treated 🤔?
In what dimension does that exist?
In Croatia we mostly have "free" prescription drugs because there is only one big state-owned insurer. Therefore the prices pharmacies charge are ridiculously high and no one cares because people don't directly pay for drugs. As a result we have mandatory 15% gross wage health care contribution.
“We need an intermediary who doesn’t have a conflict”
Lol, need to join the rest of the world and trim that fat.
Such a good detailed video! Good job CNBC
Those discount cards are insane.
On a side note, physicians in germany are not allowed to hand out medication as this is a conflict of interest (a doctor could hand out more medication to charge the insurance more and a doctor could drug him self up on his own drug store). By using prescriptions, the doctor has no benefit in over prescribing and the pharmacist acts somewhat as a check and balances.
Let good rx profit from a broken system. It takes a $1400 drug and gets it for me at $50.
Because this is America and any kind of reform is labeled as “socialist.”
We already have many socialist programs.
Geez.
Just live in latin america or something if you feel like America sucks
@@kennymichaelalanya7134, or live in Western/Northern Europe to discover what an actual developed country is supposed to look like.
We don’t even have paid maternity leave.
@@CaesarAugustus. Northern /western Europe will look like a disaster soon.
Diversity will be it's downfall . Assimilation is key in a country to uphold its nations values, traditions and culture
There's a reason why Turkey and Greece have walls and High electric fences along its borders
so sad to see the same issue everywhere
Now I know how USA’s GDP is $22 Trillion
We spend $3.6 trillion on healthcare every year more than Germany's entire economy and they have the 4th largest in the world.
@@seanthe100 Goverment spending is to maintain the people health trough initiatives,Incentives and to maintain the current governmental healthcare.The goverments dosent pay these private companies.He is saying due to this capitalist greed that's how US is 21trillion
@@agentnoobz5588 I said nothing about government speeding that figure is total spending on healthcare nationwide. The government state and national spend about $1.4 trillion out of $3.6 Trillion. Majority is paid for by employers and individuals. Many countries have tons of greedy people just look at the African continent greed does not equal wealth. A country must already have wealth, wealth plus greed equals more wealth. It doesn't matter how greedy someone is if the country doesn't already have wealth. America would be rich even without greed, it's just more visible due to the sheer amount of wealth that is in this one country. 30% of all the wealth on the planet with 4% of the people.
I work for a big entertainment company in Central Florida that has its own pharmacy for employees, and I buy my allergy medicine there for literally 1/10th of the price it costs at Walmart. Here in the USA peoples health is sadly entirely dependent on their employer.
What company is this?
Right it’s like you either have Medicaid or you have to work a steady job that is willing to pay for your proper healthcare. I have a friend that gets free life insurance.
How can consumers best save money, you ask? By writing to their representatives demanding medicare for all (or at least a public option). US healthcare is out of control. Why do we as a society accept this?
In the United States, a pharmacy benefit manager (PBM) is a third-party administrator of prescription drug programs for commercial health plans, self-insured employer plans, Medicare Part D plans, the Federal Employees Health Benefits Program, and state government employee plans.
According to the American Pharmacists Association, "PBMs are primarily responsible for developing and maintaining the formulary, contracting with pharmacies, negotiating discounts and rebates with drug manufacturers, and processing and paying prescription drug claims."
PBMs operate inside of integrated healthcare systems (e.g., Kaiser Permanente or Veterans Health Administration), as part of retail pharmacies (e.g., CVS Pharmacy or Rite-Aid), and as part of insurance companies (e.g., UnitedHealth Group).
As of 2016, PBMs managed pharmacy benefits for 266 million Americans.
In 2017, the largest PBMs had higher revenue than the largest pharmaceutical manufacturers, indicating their increasingly large role in healthcare in the United States.
However, in 2016 there were fewer than 30 major PBM companies in this category in the US, and three major PBMs (Express Scripts, CVS Health, and OptumRx of UnitedHealth Group) comprise 78% of the market and cover 180 million enrollees.
Once I went to get Metformin which costs $4 my doc told me to get double strength.. they billed me $11000 even with insurance.
At this price it feels like Americans can come to India buy medicines and still save a boat load of money 😂
It's true many Americans go to latin America to get procedures done because of how low the cost are for Americans.
This is true; many Americans will even import drugs that are rated at less than schedule 1
With all due respect..Medication can be manufactured so cheaply in India due to things like the lack of regulation regarding disposal of toxic waste..There are such high levels of antibiotics in the water that it has become a breeding ground for untreatable superbugs..Its great that India is supplying an affordable product..but for the sake of our future there really needs to be some kind of compromise..
@@MickeyGee73 👏🏼👏🏼👏🏼👏🏼
@@MickeyGee73 Nah. They are cheap everywhere. It's not that the medications are expensive at all, it's that pharmas exploit americans as they please because there's no regulation to control them.
Commodifying basic human needs is super profitable. Just look at real estate.
I know this is a serious issue, but I can't help and laugh at how the American healthcare system works. I am proud to live in the UK and of the NHS.
Don't laugh too much, the Tories are pushing hard to privatise all aspects of healthcare
mate the tories are screwing the NHS with no protection feel proud while you can
NHS has always been a joke
get sick some time, and let me know how it goes
Name Brand, Advair cost $40 in Mexico.
In the USA it cost over $500 and that’s for a generic equivalent.
Are you reading my mind? I was just at the Dr office And found out the "generic" truvada is $1600 when the old price was $2000. Someone is getting paid!
Simple solution: a given product from a given provider should cost the same price for every customer.
It’s funny how street dealers are more reliable in terms of pricing 😂
@@Beyodd Dealers don’t have medical degrees and demand a 210k annual salary.
@@LeeeroyJenkins you can have low drug prices and well paid staff, you just have to screw corporate HQ
cant they order online from india. there are products from reputed companies like abbott, pfizer, glaxosmithcline etc. conversion into dollars most would end up like 5 dollars per strip.
In the 1920s, my grandfather (born in 1864) was an old timey pharmacist. One thing he did was make a chest rub with turpentine. Turpentine was and may still be in Vicks Vapo Rub. When my mom was in high school in 1936, he couldn't be a pharmacist anymore. All he could do by that time at his age was deliver newspapers. Now, I got a Covid vaccine as soon as I could. But at 72 I don't take prescription medications. They have their place but a lot of them cause more problems than they solve. If you exercise and eat a correct diet, and take certain supplements for whatever condition you have, Most people can avoid being sick until they are very, very old. However, you had better start eating right in your 30s - 40s at the latest.
Well on the bright side you no longer need a prescription for booze.
If insurance companies never existed then over priced drugs, healthcare costs, and car repairs costs would not be inflated.
True. Basic Economics. If people have greater purchasing power that cost will rise because sellers know we could afford the higher price. (Doesn't mean we want to.)
@@silverhawkscape2677 the problem is the majority of the population thinks they understand basic economics but they really don’t.
@@silverhawkscape2677 insurance does two things, it drive up demand and also removes any incentives to reduce prices when people only focus on the deductible. Thus, prices are greatly inflated.
Pretty good piece, but it would have been nice to highlight the pharmaceutical companies roles in benefit management with regards to rebates and even their role in influencing prescribing
Working in a large drug retailer within the pharmacy department, I must say, it's a living hell
its the 'murican way
The US is a wonderful and crazy place, all at the same time!
Due to the rise of PBMs and retail chains like CVS, pharmacies accept dwindling reimbursement (the money your insurance pays the pharmacy for filling your prescription which includes a pharmacy dispensing fee plus the negotiated down cost of the medication itself). If a medication costs the pharmacy $100 and you only have to pay a $10 copay the insurance company should pay the difference and a little more, right? For the most part that is wrong. A PBMs job is to cap costs for their insurances and they can pay for nothing up to whatever they choose their cap. So that pharmacy will end up eating the cost just to fill your medication in hopes of recouping that lost profit with front-end sales. GoodRx and not pharmacy-friendly discount cards which save patients money over their costs are horrible for pharmacies. Each time a pharmacy fills using one of those cards there is at least an $8 processing fee that the pharmacy pays to fill your medication. That $100 medication which is brought down to say $9 and tack on that $8 fee that pharmacy just ate the difference. The worst is DIR fees which is what the PBMs hide behind by saying they need to protect their insurers by making sure prescriptions are filled correctly and clawing back their paid claims from years ago. This could be for anything stupid like not having the proper reasoning for the size of the topical product (i.e. the area where applying), "early" refills of expensive products before they should be exhausted by the patient and unspecified quantities that common sense could easily answer.
People really do not have a choice on which pharmacy they can go to as PBMs are pushing mandatory mail order pharmacy use, preferred pharmacy contracts, and actually having the audacity to push people to use other means to pay such as discount programs (GoodRX, etc.).
Now for the big guys, all this doesn't really matter but is slowly making independent pharmacies go extinct. Independents are the last line from total corporate control and anarchy of prescription costs.
a friend of mine lived in america for a while where both Australians he found a doctor who was licensed in Australia he faxed prescriptions to a pharmacy near his mothers house and she mailed his medication alot cheaper than buying in USA
also people are over prescribed; brand vs generic, too many drugs, ineffective drugs. and people don't need many drugs if the lived a healthier lifestyle.
We should be asking why none of them ended up charged for all the murders of people that overdosed and died over these profits.
Since the FDA doesn't regulate prices, more new drugs are developed in the country with other countries buy in bulk to sell in lower subsidized prices. The disadvantage is that U.S. Americans pay high prices for the drugs despite some drugs have been on the market for years.
In other countries, the disadvantage is that their health department's committee has to decide which drug they'll buy in bulk and subsidize, which leaves others who need other drugs in limbo.
There is so much wrong about this video. From not mentioning PBM to companies like CVS owning insurance and pharmacies. Use coupons for generic. Go to super market stores, use good coupons
why nobody imports medication from abroad ad sell it for a fraction of the price?
Would you buy it from a random someone on the internet?
That could happen even now many imported medicines like Indian Cipla are available but the companies lobby like heck there are high taxes when something is cheap in costly market so that big pharma need not lower thier prices
Congress made importing drugs illegal.
They need to be approved by de FDA to be allowed in the market, and the lobbies don't like it.
Let me make it short, it’s so expensive because it’s a business. That means they want to charge the max they can to bump up profits. Welcome to America.
Most drugs sold at pharmacies are sold at a 10-20% markup from what they ordered. You need to remember that a single bottle can cost $100 - $1000 - $10,000 - $100,000 - $750,000.
Yes! Some bottles cost almost a million dollars just to order the drug from the manufacturer and delivered from the supplier. The worst part is every one of these drugs have expiration dates and a single customer may only use 1/5th of the product. Most pharmacies will not fill a prescription if they know the customer will not use an entire bottle. That’s where pharmacist will call to other pharmacies to see who has that product and will transfer your prescription.
Do not let this video lie to you. The pharmacy supplier determines the price pharmacies must charge. Most invoices will actually have a MSRP printed next to the price it cost to purchase from the supplier.
If your looking for a cheaper price pharmacist will recommend a generic product created by the supplier. Although many high profile pharmacies like CVS, Walmart, Walgreens will purposely not order these alternatives so customers will never know they exist.
The main price for a drug is determined by the manufacturer. They set the first price knowing that the supplier and pharmacy will pay that price because they are going to push the cost to an insurance company.
In my country, we pay $5 for a prescription drug ($3.50 USD), don't need to pay for repeats, don't pay for prescriptions after this first 20-items ($70 USD) for your family.
Allow purchases from overseas (e.g. why not be able to buy from Turkey when the medicine was made in the same factory in Canada as the one on the pharmacy shelf in the US).
paying for medicine is absurd.
Paying for medicine is not absurd because people have to spend time and money to develop, manufacture and distribute those medicines. You are not entitled to it for free. What is absurd is the amount paid and margins
for prescription drugs in Italy you just have to pay a small fee / ticket depending on your family annual income, whatever the prescribed drug is... It's a very low fee too, just a few euros for the welthiest and free for most people.
just remember this - pharmaceutical companies have two markets: USA vs Rest Of the World (ROW). These two markets are treated very differently.
I am very thankful i can say "God bless the NHS" (and I don't even believe in god....)
That's sort of it, though, isn't it? God isn't going to help you, you have the NHS because the poverty stricken masses finally decided to do it themselves. People in the United States are of the "if something's broke, don't fix it just move along" mindset. It works for elastic goods, but unfortunately when you come down with something bad capitalistic thinking only serves to bankrupt you.
Insurance companies and manufacturers are just pure evil
With German public health insurance you have to pay 5-10€ per pack of drugs if a physician considers it necessary and hands out a prescription. The rest is paid by the health insurance companies, but they also pay way less than in the US
Thank god! I live in a country where i can get medical attention in Goverment hospital as low as $1( include with prescription drug). Many country not able to do it for their citizen..
Shopping around for lower priced medications.
That's just unreal
Why?
@@e.thomas2475
Common Sense
Imagine how much more efficient the system would be if the federal government just set the wholesale and retail prices for medications.
I like your sarcastic take
That is what the rest of the world does and it works great
@@jimpad5608 where's that done?
@@aminuabdulmanaf4434 Japan and Germany , there are many more...but i think you know that dont you, you're a troll aren't you?
Can I get the quick rundown
It's not just the medication. Medical products in general which are manufactured for cents on the dollar are hugely expensive. Stents alone can cost anywhere from 200 dollars all the way to $15,000. Even things as simple as case of nitrile gloves often cost a couple hundred dollars. Next time your hospital bill almost gives you a heart attack blame the manufacturers!
How CVS survives is beyond me-crowded, messy, and everything is ridiculously expensive.
They survive by selling prescription drugs and if you happen to buy one over priced item while you are there because its more convenient than going somewhere else just to save $1 or $2 then so much the better. Besides you would probably use more than $2 in gas to go to the cheaper store for that one item.
CVS is the worst. So glad I left them for a local family owned pharmacy that actually cares about me
Was wondering why my medication went from 20$ to a whopping 50$ when covid hit....
Go figure.
Because they needed to screw someone and chose you again
@@ronrichardson3103 at least they could have bought me dinner first.:)
I love investigative journalism :)
Why no mention of the pharmaceutical companies themselves, just the pharmacies?
healthcare, education and housing should not be left to free markets. these are things that we all collectively want for ourselves and the world would be better if everyone had it. its a goal that requires cooperation not competition.
I disagree regarding housing.
We dont have free market healthcare in the US. Its the most regulated industry out there.. basically government controlled healthcare, which is why it is so expensive.
@@chesterg.791 US healthcare has the worst aspects of "free market" and dumb regulations.
@@jascrandom9855 Free market does not mean privatized. Free market means market forces regulate the industry, not government. Calling it free market healthcare is a ploy against laissez-faire.
Oh yeah, if the government has no role in this and if they're given total control, things will be way cheaper. Makes a lot of sense
I wonder why it takes so dam long to process each customer/patient once their prescription is filled 🤔. My local Walgreens averages 15 minutes per person so you have to wait in line for hours sometimes
I'm a pharmacy technician. It takes a long time because even though the doctor said the prescription was sent electronically, it can take up to 3 hours for the pharmacy to receive it. Then, technicians like myself have to validate and type the prescription, count and fill it, and have the pharmacist check it. We go as fast as we can and we get busy helping other customers who are also asking for their meds.
Then you have 30 customers at once ask you when is the only pharmacist in town ready to give them covid shots and on top of doctor calls and make sure hundred of medicine are filled correctly. Thanks for your understanding and stay safe.
@@NekoNekobaNeko thanks! I was hoping someone with experience would explain it 😊. It's got to be incredibly frustrating with your hands tied while essentially dealing with addicts. Considering the incredible size of this industry I'd assume it would benefit everyone to have new system to expedite filling prescriptions..
@@weichen3846 makes sense. In my town (population 25k) we have around 10 pharmacies. Many days there's very few people in line but it they'll let someone stand at the counter for 30 minutes
@@NekoNekobaNeko Do pharmacies use a weighing scale and programmable unit weight to count the pills? Or do you have to count them manually?
I allowed my insurance to lapse earlier this year. My prescription previously cost $46 for 3 month supply, they wouldn't ever fill more than a 3 month supply, when I went with no insurance it cost $53 for a 6 month supply. Why did it cost so much less with no insurance?
I have mail order Express Scripts for my phar meds. There is a minimum copay of $11.00 on each prescription. One prescription was a $60.00 copay. I forgo them now as Walmart usually only charges 2-3 dollars for each prescription. Why the difference? Greed I guess.
They overcharge to pay for the ones that can’t pay
Everything is a scam in this country 😒
Sad but true 👍
So short answer : capitalism at it's finest.
How on earth did you watch the video and come to that conclusion?
@@TychonAchae Because it is, or more than America treats healthcare like all other industries while the rest of the world treats it as a public service
okay, if this is capitalism, go make a new drug and sell it without approval by the FDA. Go open a doctors office without the AMA, bring sick people to one place to treat them without having all the required drugs that the lawyers harass hospitals into purchasing
Here in the U.K. taking an animal to the vet used to be affordable, but when they introduced animal insurance the cost of vet bills went through the roof. That why you can’t afford pharmaceuticals, because of your out of date use of insurance for medical care.
The government is never going help the American people who are sick lower their costs for medication. If they really wanted to help the people they will allow doctors to submit the the prescription online and allow pharmacies throughout the country compete for the prescription. They will also allow pharmacies from Canada to compete. Imagine having hundreds of pharmacies asking to be the one to fill out that prescription instead of 1-3 pharmacies that we currently have in our neighborhoods. Allowing Canada's pharmacies to ship to the USA since they lower prices for the same medicine. I once saw the epi pen being sold for 350 dollars in the USA, while in canada the same one was going for 32 dollars.
The answer is pretty self explanatory: they can, both Legally and morally.
As with the student debt crisis, overpriced medicine is ultimately the result of government market manipulation disincentivizing efficient market prices.
A sane comment on Cnbc. My friend I will buy you a beer 🍻
Did you even watch the video? How are you blaming the government for this 🤦 have you heard of the UK NHS?
@@codyk1875 yes it is..but BuzzFeed viewers will not understand it.
do you know how much the pharmacy charged USG for the Covid vaccine? $42/jab.
bruh
This is the reading that things where everybody dependa on must not be commercial.
US medical is stuck in a bureaucracy and their government won’t want to change it anytime soon. The UK healthcare ‘NHS’ is amazing and when I need to collect a prescription I will only pay £9.35 no matter what I need or from who, my kids up until 16 get ‘free’ prescriptions even glasses.. USA ‘greatest country’ please give your people something back!!!!!!!
Doesn't matter, Americans love paying the prices for prescription drugs. If they didn't, they would of voted for people that lowered drug prices, cuz you know...Democracy.
"Why U.S. Pharmacies Overcharge" - Greed. Mystery over.
My local pharmacy gives me these discounts. But many of my prescriptions are generics that have been available for decades. Those in Congress who receive campaign funds from pharmaceutical companies have an interest in gouging the consumer for medications that have been available for decades. Those with life threatening conditions will die because they cannot afford the medications. Democracy for corporations in action.
In Australia we pay $5.60 to $6.80 for most medicines if you are unemployed people who aren't unemployed pay more . If either party in under 12months spends more than $1200 your medicine becomes free.