International Drug Price Comparisons for Medicare Part D Medications
Senator Claire McCaskill (D-MO) requested an investigation into drug price increases among the Medicare Part D program’s 20 most widely-prescribed medications over a five-year period. The investigation, conducted by the Senate Committee on Homeland Security and Government Affairs, found that average annual drug price increases were 12%, about 10 times higher than the rate of inflation. One drug, Nitrostat, increased by 477% during the five-year period. PharmacyChecker decided to find out what the savings would be from international online pharmacies for cash payers on these medications. The average potential prescription savings is 80%, further evidence that seniors can benefit from lower drug prices outside the U.S. when their pharmacy benefits are inadequate.
Adding a little spice to this research, we found that 70% of these 20 medications, the ones sold in U.S. pharmacies, are foreign-made, imported drugs. This shows that importation is legal for drug companies that make medications overseas. The countries where they are made get the manufacturing jobs; we get the higher prices!
And what about those drugs made in the U.S., often in Puerto Rico? You can buy those drugs cheaper in Canada. Synthroid is a perfect example. Synthroid, sold in Canada, is made in Puerto Rico and can be purchased for 15 cents a pill, compared to $1.68 a pill in the U.S.: a 93% savings for the same drug.
Here’s a crazy one: The medication Premarin is made in Canada. It’s $6.93 a pill at a U.S. pharmacy, but can be bought online and filled from a U.K. pharmacy for 17 cents: a 98% savings. In this case, the drug made in Canada is cheaper in the U.K. than in Canada.
And what about Nitrostat, the drug that increased by 477% over the past five years? It’s 80 cents a pill in the U.S. and only 28 cents in Canada. The drug is made in Puerto Rico.
Here’s the news release with all the data: https://www.pharmacychecker.com/news/american-seniors-save-80-percent-medication.asp.
