CoverMyMeds 2020 report: 6 key trends in prescription costs, pharmacy spending

CoverMyMeds, a company that creates software to automate the preauthorization process, released its annual report detailing trends in pharmacy spending and prescription costs. 

Six takeaways from the Medication Access Report: 

  1. 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.

  2. 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.

  3. Seventy-seven percent of patients said they believe it's important to discuss prescription affordability with their provider.

  4. 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.

  5. 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.

  6. 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

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars