The price of prescription medications goes up every year, which is more of a trend than an anomaly in the healthcare industry. This ongoing increase has motivated individuals to examine other options when filling their much-needed prescriptions. That’s why switching to an online pharmacy has been the better option for many people, particularly those with big-ticket, hard-to-find medications.
In most cases, it’s not only more efficient to have medications delivered, it's also less expensive. Read below to find out more about how Medly can help you save money on your prescription medications.
There are several factors involved in how certain medications are priced in the market. Many pharmaceutical companies use pricing power and have the ability to change or increase the cost of any drug. But there are several things that most drug companies utilize to identify the price point on many of the drugs they manufacture.
How unique is the medication? If a drug is new or groundbreaking in regard to treatment, its level of originality has to be considered. There may be other drugs on the market that treat the same condition as the one they’re creating. If the market is saturated with drugs that do the same thing as what they’re offering, that will drive the price down on the new medication so it can be more competitive.
What about the competition? Competition is a big factor that can affect the price of drugs coming to market. Pharmaceutical companies have to consider their competition’s success and popularity of their medications. They also have to consider if their specific drug has any added benefits over the competition’s offering. If their medication has additional benefits and performs equally as well as the competition to treat the same issues, the price will probably increase.
How effective is the medication? Drug manufacturers have to analyze whether their drug will change the way a current medication is utilized to treat specific ailments they are targeting. They may prove the potential of these drugs using clinical trials. Does their medication have the power to prevent certain medical treatments or even surgeries in some cases? Performance can be a critical factor that drives demand as well as pricing.
The right medications taken in adherence with what’s been prescribed by a physician can decrease the need for several procedures that may have to occur without the drug present as a factor in overall treatment. Repeated doctor visits, trips to the hospital and potential surgeries come to mind. Without the need for multiple costly doctor’s visits, a high-priced drug may actually be more cost-effective to the patient long-term, when these factors are calculated in.
If a drug can extend or even save the life of a patient, you can be sure the company will usually charge more for that particular medication.
Like any other large corporation in this country, drug companies are in business to generate revenue. They are constantly facing competition which, in an open market, can spur greater innovation and discoveries. This creates an environment where the price of certain drugs has to be reduced simply to compete. There are also instances where a drug will be released at a low price at its offering but the price slowly increases in intervals as demand increases.
At Medly, we believe cost should never be a determining factor or barrier to care. That’s why we have created a multi-step process that helps us determine the best way we can bring the lowest possible price to patients.
To date, Medly has saved consumers $13 million in prescription costs. We’re proud to continue to grow that number and provide the most cost-effective and convenient pharmacy services to families across the country. It’s a simple process to make the switch to Medly today. Simply contact your health provider or physician and tell them you want to make Medly your primary pharmacy. You can also download our app on your mobile device and receive updates on all of your prescriptions. That’s what we mean when we say at Medly, we’re here for you.
Have questions? Reach out to us today by phone: Call or Text: 718-782-7539 or email us at: email@example.com