Annual pharmaceutical hikes are something we expect and the year 2018 is looking to be no different. Drug prices are expected to climb at least 8% in 2018. That’s well in excess of the rate of inflation. The inflation rate is expected to be 2.38%. Seniors won’t get much help either. Social Security will likely see a cost of living increase of a mere 2%. This is nothing new. Incomes can’t keep up with the price of pharmaceuticals.
Let’s be clear. Big pharma is not suffering financially. They aren’t struggling to keep the doors open and the lights on. This is about corporate greed. They know you need their products and they’re willing to bet you’ll pay up rather than go without. They also know insurance companies will be under major pressure to cover drugs, no matter how much their prices increase.
Unfortunately for consumers there’s not a lot that can be done about it. Unlike other sectors like cell phones or automobiles where there are lots of competing products and companies, prescription drugs is a relatively closed sector. There’s not a ton of competition; it really depends on the specific drug and whether it is on or off patent. Yet even generics aren’t guaranteed anymore to be a major savings over brand name.
Hopefully your insurer won’t pass along these increased costs to you. But if they do, and they very well might, you should consider Canada Drugs. We’ve helped many people save 30-90% off the cost of their prescription drugs. Call us today and we may be able to help you save money on your pharmaceutical needs.