Reducing Costs at the Pharmacy

For many, as we age prescription medications become a bigger and bigger part of our daily lives to maintain health. Because of this they also become a major part of our monthly budget. In these economic times we are all trying to get the most for your money. When was the last time you shopped around for the best price on your prescriptions?

Studies indicate that the pharmacy you purchase your prescription from is the single most important factor in the drug's cost. For the most part, the pharmacist no longer weighs and measures individual chemical formulations like they did many years ago. Much of the activity in the pharmacy consists of relabeling and dispensing manufactured medication. Medication is usually identical from pharmacy to pharmacy; you should choose the least expensive but also the most convenient pharmacy for you. As with any product you purchase, you should comparison shop. Discount stores often sell the same medications at significantly lower prices. If a significant amount of money is involved in purchasing your prescriptions, you should compare prices by telephone before walking into the pharmacy. Don't buy from a pharmacy that won't give you the information over the phone.

Your physician will normally write a prescription using the generic name not the brand name of the drug. The pharmacist you visit to fill your prescription is not required to give you the cheapest alte ative. In addition, pharmacies often only stock one manufacturer of any given formulation of a drug. So even if your physician did make a point to prescribe you a less expensive alte ative, the pharmacist can substitute a product that is more expensive. The only real way to combat this and save your money is to get direct price quotes from the pharmacy before purchasing. You shop around for the best price on coffee and gas, why not your medication?

The majority of pharmacies charge a percentage markup. Their pricing is determined by the wholesale price that is multiplied by a fixed profit figure for the pharmacy. Just like any retail store selling a product. But with that being said, you are the ultimate determinant of your own drug costs. If your satisfaction with your physician is based off whether you are prescribed medication or not, you are working against your own best interests. There are professional health consultants that can help you lower your medical costs by working with both the insurance companies and your physicians.