Prescription drug companies spent over $7 billion on television advertising last year. Two heavily advertised drugs, Tremfya and Skyrizi for psoriasis and inflammatory diseases, cost $19,000 to $30,000 per dose without insurance. Weight-loss medications like Zepbound and Wegovy cost up to $600 for a month's supply and dominated streaming ads.
Geoffrey Joyce, chair of pharmaceutical and health economics at the University of Southern California, notes that the most advertised drugs are not necessarily the most expensive. Drugs get heavy airtime when they are branded, still under patent, and treat conditions affecting large populations. Colorful ads with catchy jingles prompt patients to request medications by name, and doctors are more likely to prescribe brand-name drugs when patients ask for them.
The actual price varies based on insurance coverage, deductibles, formularies, rebates, and pharmacy location. A 2017 study found price differences as high as $52 for the same antibiotic within one zip code. Costco beat Medicare prices for generic medicines nearly 50% of the time in one study.
Medicare Part D plans may not cover brand medications. Check your plan's formulary and use Medicare's comparison website. Some plans require cheaper alternatives first. Research found that most advertised new drugs may not benefit patients more than older drugs.
Merith Basey, executive director of Patients for Affordable Drugs, states that Americans pay the highest prescription drug prices in the world. Unlike other countries with national healthcare systems that negotiate drug prices, U.S. pharmaceutical companies set their own prices at market entry.
To lower costs, ask your doctor about generic or biosimilar options. Humira, a brand-name injection for autoimmune diseases costing up to $10,000 monthly, has biosimilar options under $500. Use online comparison tools like GoodRx, SingleCare, or Costco's pharmacy. CostPlus, Mark Cuban's direct-to-consumer pharmacy model, offers many common prescriptions at lower prices, such as lansoprazole for $10.75 instead of the typical $122.40 retail price.
Contact manufacturers about patient-assistance programs, which may provide reduced-cost or no-cost medications. Compounding pharmacies may offer lower-cost options but require verification that they are licensed. Fixed-dose combination drugs like Symbicort often cost more than purchasing individual ingredients separately.