Six takeaways from the Medication Access Report:
- Thirty-five percent of Americans are either uninsured or underinsured, increasingly exposing them to out-of-pocket drug costs. These large out-of-pocket costs can lead to medication nonadherence, and prescription abandonment increases 0.6 percent for each out-of-pocket dollar, according to CoverMyMeds.
- A survey conducted by CoverMyMeds of 1,000 patients found that 69 percent reported making personal sacrifices to afford their prescriptions. One-third of the respondents said they had to make the choice to sacrifice their prescriptions due to cost once a month or more, and one-third said they went without their medication if was too expensive.
- Seventy-seven percent of patients said they believe it’s important to discuss prescription affordability with their provider.
- CoverMyMeds estimated that 7 percent of all prescription claims are rejected due to prior authorizations, and 37 percent of those prescriptions are abandoned by patients.
- About 5.8 billion prescriptions were dispensed in 2018, meaning prior authorizations may have been responsible for 150 million patients not getting their prescriptions that year.
- Specialty drugs account for 2.2 percent of total prescription volume, but 45.5 percent of total pharmacy spending, or $218.6 billion. Specialty drug use is increasing at more than twice the rate of traditional medications, according to CoverMyMeds.
Find the full report here.
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